String policyEffective = ...
long time = Long.parseLong(policyEffective.replaceFirst("^.*Date\\((\\d+)\\).*$", "$1"));
Date date = new Date(time);
The number is a long, ms since 1970 or so, and goes as such into the Date constructor.
Result:
Tue Jan 14 17:11:07 CET 2014
Since you got an illegal argument; maybe you took an int or something else.