A legislative proposal was released on November 13, 2013 and is currently under discussion before parliament. This would result in substantial change to the regime applicable to unclaimed banking account and life insurance contracts left dormant for a lengthy period of time. Under current rules, cash, securities, or life insurances that have been unclaimed for 30 years are transferred to the government. Under the new rules, banks and investment firms would be required to survey dormant accounts, to provide adequate information to accountholders, and to cap fees that may be charged to the account. Broadly, accounts and life insurance contracts will have to be transferred to a governmental body (Caisse des Dépôts et Consignations) after a 10-year period of dormancy, the title of which will then pass to the government after a 20-year period of time. The legislative history of the proposal reveals that some undertakings are currently facing severe sanctions by the banking regulator for failing to comply with applicable rules relating to dormant life insurance contracts (in particular in respect of actions to be taken to search for beneficiaries). If enacted, the legislative proposal is expected to come into force on January 1, 2016.