Abandoned Property - Miscellaneous Unclaimed Property - Unclaimed insurance proceeds other than life insurance


Published: 2014-09-22

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§ 1316. Unclaimed insurance proceeds other than life insurance. 1. Any
amount issued and payable on or after July first, nineteen hundred
seventy-four payable to a resident of this state on or because of a
policy of insurance other than life insurance, which is held or owing by
a domestic insurer or a foreign insurer authorized to do business in
this state or by an agent or agency of such insurer, shall be deemed
abandoned property if unclaimed for three years by the person entitled
thereto. Where such amount is held or owing by a domestic insurer for an
unknown person or a person whose address is unknown, such amount is
presumed to be payable to a resident of this state.

2. Every insurer shall cause to be published, on or before the first
day of May in each year, a list of such abandoned property in the same
manner as that prescribed for life insurance companies by section seven
hundred two of this chapter.

3. Such property which was deemed abandoned pursuant to subdivision
one of this section shall be paid or delivered to the comptroller within
the first ten days of September of each year. Such payment shall be
accompanied by a true and accurate report that shall be in such form and
manner as the state comptroller may prescribe.