How claimants can get back unclaimed monies

PETALING JAYA: Policyholders and beneficiaries whose rightful dues are with the Registrar of Unclaimed Money need not worry because they are still entitled to make claims.

According to the Life Insurance Association of Malaysia (LIAM), claimants must first head to the insurance company office for confirmation as the rightful recipient, then confirm the amount of unclaimed money and date of payment.

Once confirmed, they will be provided with a copy of the transaction, in an Unclaimed Monies Register (UMA-3) form, and a cover letter from the company.

Claimants must then submit the application form, along with supporting documents, to the Registrar’s office counter at Menara Maybank, Kuala Lumpur.

“If submission of the request is via third-party representatives, such as lawyers, unclaimed money consultants or family members appointed by the recipient, additional documents must be submitted to verify their status.

“No specific deadline is set for claims and there are no negative consequences like fines and penalties,” LIAM said in a statement.

Claimants can also check if they have unclaimed money by heading to the Registrar’s office counter or any of the Accountant-General’s Department state offices.

On what happens if the named beneficiary has died, LIAM said the relatives could liaise with the insu­rance companies to help with settlement.

“The Financial Services Act 2013 has provisions that recognise certain categories of persons as the proper claimants, and also allow certain payments to be made to them,” it said.

Claims to the Registrar require an application form for the refund of unclaimed monies (UMA-7) with the following supporting documents: a MyKad/passport copy; the original policy document or a confirmation letter from the insurance company; and a copy of the applicant’s active bank book or autho­rised bank statement.

“When the Registrar is satisfied that the applicant is the legal recipient, it will pay the applicant from the Consolidated Trust Account or Consolidated Revenue Account,” the Accountant-General’s Depart­ment, which manages the Registrar, stated on its website.

“Payment will be credited to the bank account provided by the applicant earlier.”

For joint account claims, applications and supporting documents must be submitted by all account holders.

For claims by the heirs of deceased policyholders, letters of administration and a grant of probate must also be submitted.

Further details can be obtained at the department website, www.anm.gov.my, or directly from the insu­rance companies.