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This entry was published on 2014-09-22
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SECTION 700
Unclaimed life insurance corporation moneys
Abandoned Property (ABP) CHAPTER 1, ARTICLE 7
§ 700. Unclaimed life insurance corporation moneys. 1. The following
unclaimed property held or owing by life insurance corporations shall be
deemed abandoned property:

(a) Any moneys held or owing by any life insurance corporation which
shall have remained unclaimed for three years by the person or persons
appearing to be entitled thereto under matured life insurance policies
on the endowment plan and which are payable to any person whose
last-known address, according to the records of the corporation, is
within this state.

(b) Any moneys held or owing by any life insurance corporation which
are payable under other kinds of life insurance policies to any person
whose last-known address, according to the records of the corporation,
is within this state, where the insured, if living, would have attained
the limiting age under the mortality table on which the reserves are
based, exclusive of

(i) any policy which has within three years been assigned, readjusted,
kept in force by payment of premium, reinstated or subjected to loan, or

(ii) any policy with respect to which such corporation has on file
written evidence received within three years that the person or persons
apparently entitled to claim thereunder have knowledge thereof.

(c) Any moneys held or owing by any life insurance corporation due to
beneficiaries or other persons entitled thereto under policies on the
lives of persons who have died where the last-known address, according
to the records of the corporation, of the person or persons appearing to
be entitled thereto is within this state, which moneys shall have
remained unclaimed by the person or persons entitled thereto for three
years.

(d) Any other moneys which are held or owing by any life insurance
corporation on or after July first, nineteen hundred sixty-seven
constituting or representing refunds of any kind due upon or in
connection with life insurance policies payable to any person whose last
known address, according to the records of the corporation, is within
this state, which moneys shall have remained unclaimed by the person
entitled thereto for three years.

(e) Any moneys held or owing by any life insurance corporation on or
after July first, nineteen hundred eighty-three upon or in connection
with an annuity contract payable to any person whose last-known address,
according to the records of the corporation, is within this state, which
moneys shall have remained unclaimed by the person entitled thereto for
three years.

(f) If no address of the person or persons appearing to be entitled to
the unclaimed funds pursuant to (a), (b), (c), (d) or (e) of this
subdivision is known to such corporation, or if it is not definite and
certain from the records of such corporation what person is entitled to
such funds, it shall be presumed that the last-known address of the
person entitled to such funds is the same as the last-known address of
the insured or annuitant according to the records of such corporation.
Where no address can be ascertained, pursuant to this paragraph, for the
insured, annuitant or person or persons entitled to the unclaimed funds,
such person's last-known address shall be presumed to be within this
state if the unclaimed funds are held or owing by life insurance
corporation organized under the laws of this state.

2. Any such abandoned property held or owing by a life insurance
corporation to which the right to receive the same is established to the
satisfaction of such corporation shall cease to be deemed abandoned.