(1) Where no communication has been received by an insurance undertaking from the holder of an unclaimed policy on or before the date specified in section 8 (1) (c) or 9 (3) (c), as the case may be, the insurance undertaking at which the unclaimed policy is held shall, subject to subsection (2), not later than 30 April next following, transfer to the Fund the net encashment value of the policy and the first transfer after the commencement of this section shall take place not later than 30 April 2004.

(2) Where the net encashment value of an unclaimed policy cannot be ascertained, the insurance undertaking shall transfer to the Fund the estimated net encashment value.

(3) An insurance undertaking that transfers moneys to the Fund under this section shall furnish to the Agency a written statement specifying -

(a) the total amount of moneys transferred,

(b) the total number of unclaimed policies which have a specified term, and