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2003 SESSION
SB 1133 Unclaimed property; demutualization proceeds.
Introduced by: Thomas K. Norment, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Unclaimed property; demutualization proceeds. Provides that unclaimed property that became payable or distributable in the course of the demutualization of an insurance company is presumed to be abandoned five years after the earlier of (i) the date of last contact with the policyholder or (ii) the date the property became payable or distributable. The annual report due November 1, 2003, shall include information for the 5 years preceding 2003. This bill is identical to HB 2462.
SUMMARY AS PASSED SENATE:
Unclaimed property; demutualization proceeds. Provides that unclaimed property that became payable or distributable in the course of the demutualization of an insurance company is presumed to be abandoned 5years after the earlier of (i) the date of last contact with the policyholder or (ii) the date the property became payable or distributable.
SUMMARY AS INTRODUCED:
Unclaimed property; demutualization proceeds. Provides that unclaimed property that became payable or distributable in the course of the demutualization of an insurance company is presumed to be abandoned 5years after the earlier of (i) the date of last contact with the policyholder or (ii) the date the property became payable or distributable.