(1) For the purposes of this Act eligible insurance proceeds are "dormant" at a particular time if any of the following four conditions are met at that time.
(2) The first condition is that the responsible institution -
(a) has been notified that the person in respect of whom the proceeds are payable has died, and
(b) is satisfied that there is no person to whom the proceeds are payable.
(3) The second condition is that -
(a) there has been a period of at least 7 years since the responsible institution was notified that the person in respect of whom the proceeds are payable has died, and
(b) the responsible institution has not received any communication since that time from -
(i) anyone administering the estate of that person, or
(ii) the person to whom the proceeds are payable (or a person acting on behalf of that person).
(4) The third condition is that -
(a) the responsible institution is satisfied that the person in respect of whom the proceeds are payable would be at least 120 yea
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