Property distributable in the course of a demutualization or related reorganization of an insurance company is deemed abandoned as follows:
(a) On the date of the demutualization or reorganization, if the instruments or statements reflecting the distribution are not mailed to the owner because the address on the books and records for the holder is known to be incorrect.
(b) Two years after the date of the demutualization or reorganization, if instruments or statements reflecting the distribution are mailed to the owner and returned by the post office as undeliverable and the owner has done neither of the following:
(1) Communicated in writing with the holder or its agent regarding the property.
(2) Otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(c) Three years after the date of the demutualization or reorganization, if instruments or statements reflecting the distribution are mailed to the owner and not returned by the post office as undeliverable and the owner has done neither of the following:
(1) Communicated in writing with the holder or its agent regarding the property.
(2) Otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(Added by Stats. 2003, Ch. 304, Sec. 2. Effective January 1, 2004.)
Last modified: October 25, 2018