(1) Where an unclaimed policy is held at an insurance undertaking and -

(a) subject to any order made under subsection (7), the value of the policy is less than €500 or its equivalent in any other currency,

(b) the insurance undertaking has been instructed by the policy holder not to correspond with or contact the policy holder, or

(c) the insurance undertaking has taken all reasonable steps to notify the policy holder in accordance with section 8 and fails to do so,

section 8 does not apply and the insurance undertaking shall publish or cause to have published a notice in 2 or more daily newspapers circulating in the State and in Iris Oifigiúil.

(2) The notice shall be published -

(a) in the case of the first notice published after the commencement of this section, on 21 March 2003, and

(b) in the case of each subsequent notice, on the first weekday in October in each year commencing on 1 October 2003.