(1) Subject to subsection (3), this Act applies to an unclaimed policy in respect of which moneys are payable in the State to a policy holder who has a correspondence address in the State.

(2) For the purposes of this Act, a policy is deemed to be unclaimed -

(a) where -

(i) the policy has a specified term which has expired,

(ii) an amount would be payable to the policy holder under the policy if the policy holder were to make a claim under the policy or, in the case of an approved policy, is available to be applied on behalf of the policy holder in accordance with the terms of the policy, and

(iii) the insurance undertaking has received no communication from the policy holder for a period of 5 years or more beginning on the later of -

(I) the day following the last day of the specified term of the policy, or