Further provisions on unclaimed moneys

(1) If a company, after paying to the Financial Secretary an amount in respect of a policy pursuant to section 132, satisfies the Supervisor that the amount so paid exceeds the amount that would have been payable under the policy to the policy owner, the Supervisor shall cause the company to be refunded the amount of the excess. (2) A company which fails to comply with any provision of section 132 or of this section that applies to it commits an (3) For the purposes of section 132 and of this section, “unclaimed moneys” means all sums of money which, after the commencement of this Act and at the time stated in section 132(1) became or become legally payable by a company in respect of policies but in respect of which the time within which proceedings may be taken for their recovery has expired, and includes sums of money payable on the maturity, after the commencement of this Act, of an endowment policy or endowment insurance policy which are not claimed within 149 seven years after the maturity date of the policy and are still in the insurance company’s possession.