Section 84: Abandoned funds

84. Abandoned funds (1) Notwithstanding anything in any agreement between an insurer and a policy holder, and irrespective of the amount, where a policy holder’s entitlement to receive money under an insurance policy has been left untouched and not claimed for 10 years or more, the insurer shall— (a) send by registered post a notice to that effect to the last known address of the policy holder or the beneficiary under the policy; (b) cause the notice to be published in the Gazette and in 2 daily newspapers. (2) Where a policy holder or the beneficiary under a policy does not respond to a notice given under subsection (1), the entitlement under the insurance policy shall be deemed to have been abandoned and shall, without further formality, be transferred forthwith by the insurer concerned to the Curator of Vacant Estates to be dealt with by the Curator.