§ 1244 - Unclaimed demutualization proceeds
§ 1244. Unclaimed demutualization proceeds
(a) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company is deemed abandoned two years after the date the property is first distributable if, at the time of the first distribution, the last known address of the owner on the books and records of the holder is known to be incorrect, or the distribution or statements are returned by the post office as undeliverable; and the owner has not:
(1) communicated in writing with the holder or its agent regarding the property; or
(2) otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(b) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection (a) of this section shall be reportable as otherwise provided by this chapter.
(c) Property subject to subsection (a) of this section shall be reported and delivered pursuant to this chapter no later than May 1 of the calendar year following the calendar year that the property is deemed abandoned. (Added 2005, No. 161 (Adj. Sess.), § 1.)