Abandoned Property - Unclaimed Life Insurance Funds - Payment of abandoned property after liquidation by superintendent of financial services


Published: 2014-09-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 706. Payment of abandoned property after liquidation by
superintendent of financial services. 1. Not later than the first day of
October in every year the superintendent of financial services shall pay
to the state comptroller all such abandoned property held by him which
shall have become abandoned at any time prior to the first day of July
next preceding, excepting such abandoned property as since such first
day of July shall have ceased to be abandoned.

2. Such payment shall be accompanied by a statement signed by the
superintendent of financial services setting forth the name and last
known address, and the amount owing to, each person appearing to be the
owner of any such abandoned property, or, if the name is unknown, the
nature of the original claim and the name of the insurer, and such other
identifying information as the state comptroller may require.