Client protection > Unclaimed assets
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Understanding our unclaimed assets process

Unclaimed assets refer to any monies due to a person that remains unpaid or unclaimed. To enable us to process the claim, we will need to contact you or your beneficiaries. To make sure that we are able to do this, it is very important that you inform us of any changes to your or your beneficiaries’ contact details.

If we are unable to reach you or your beneficiaries on the contact details you have provided us, you give us consent to carry out the following additional procedures, in accordance with the ASISA Standard on Unclaimed Assets, in our attempt to process the claim:

  • We will try to contact you or your beneficiaries using any contact details, which may be available to us on our internal database. This includes historic records and records held by different divisions within MMI Group Limited.
  • If we are still unsuccessful, we will try to obtain your or your beneficiaries’ most recent contact details from external information providers (eg the Department of Home Affairs or a credit bureau).

We want to make sure that we pay all unclaimed assets. This means that we will follow the above procedures within the first six months of the claim conditions being met and again after the first three years. If the assets are still unclaimed after ten years of the claim conditions being met, and we are still unable to contact you or your beneficiaries, we will appoint an external tracing company to trace you and/or your beneficiaries.

Tracing fees will be deducted from the benefit we pay. These costs are not determinable at this stage and will depend on the tracing activities involved.

Any unclaimed assets will earn growth according to our practice for handling late payment of assets.