Sections 2-4: Long-term insurance assets Section 4: Meaning of "dormant" in relation to eligible insurance proceeds
This section provides that an insurance asset can be classed as dormant if any of the four conditions set out in subsections (2)-(5) are met.
	Subsection (2) sets out the first condition: that an insurance asset can be classed as dormant if the person whose life is insured is deceased and the participant is satisfied that there is no owner. This captures circumstances where the participant knows that the deceased person has no beneficiaries.
	Subsection (3) sets out the second condition; namely, that an insurance asset can be classed as dormant if:
at least seven years have passed since the participant was notified that the person whose life was insured is deceased; and
there has been no communication from the owner, anyone acting on their behalf, or anyone administering the deceased person's estate since that time.
	Subsection (4) sets out the third condition; namely, that an insurance asset can be classed as dormant if:
records indicate that the person whose life was insured would be at least 120 years old (i.e. that the participant can reasonably assume they are deceased); and
there has been no communication from the owner, anyone acting on their behalf, or anyone administering the deceased person's estate during the preceding seven years.
	Subsection (5) sets out the fourth condition; namely, that an insurance asset can be classed as dormant if:
at least seven years have passed since the end of the contractual term; and
there has been no communication from the owner or anyone acting on their behalf since that time.
	Subsection (6) defines a responsible institution as the insurance institution assessing whether the asset meets any of the four conditions set out in subsections (2)-(5).