Unclaimed moneys

(1) A company shall, not later than sixty days after the end of its financial year publish, weekly for four consecutive weeks in two newspapers circulated in Belize and shall also promptly deliver a certified copy thereof to the Supervisor, a statement of all unclaimed moneys as at the end of its financial year and in the possession of or under the control of the company for a period of two or more years at that date. (2) The publication under sub-section (1) shall state– (a) in respect of each policy to which it refers, the name of the person whose life is insured, the name of the policy owner (if known), their last known addresses, the amount due, and the date on which it became due; and (b) that unless within one year from the date of the first publication of the statement a claim is established to those monies to the satisfaction of the company concerned or, failing that , to the satisfaction of a court of competent jurisdiction, the monies will be dealt with in accordance with sub-section (3). (3) Upon the expiration of the one year period, unclaimed moneys shall lapse to and become part of the revenues of the Unclaimed Monies Fund, and shall be paid by the company to the Financial Secretary for payment into the Unclaimed Monies Fund, accompanied by a statement of account made in the prescribed form and approved by the Supervisor. (4) All unclaimed monies paid to the Financial Secretary shall be net of any reasonable and identifiable advertising expenses. (5) Subject to sub-section (1), upon payment of unclaimed moneys to the Financial Secretary under this section, the company is discharged from further liability in respect of that