Sections 2-4: Long-term insurance assets Section 2: Transfer of eligible insurance proceeds to reclaim fund
This section provides that an insurance institution can transfer dormant insurance proceeds to an authorised reclaim fund, if the latter consents to it. Upon the transfer, the owner no longer has the right to payment of the proceeds against any insurance institution, but rather has that right against the reclaim fund.
	If that person has died, whoever the right to payment from the insurance institution would have passed on to has the right to payment from the reclaim fund.
	This section also defines the type of insurance institutions that are and are not eligible to participate in the Scheme in relation to insurance proceeds.