§431:15-335 Unclaimed and withheld funds. (a) All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the director of finance, and shall be paid without interest except in accordance with section 431:15-332 to the person entitled thereto or the person's legal representative upon proof satisfactory to the director of finance of the person's right thereto. Any amount on deposit not claimed within six years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the general fund.
(b) All funds withheld under section 431:15-327 and not distributed, shall upon discharge of the liquidator be deposited with the compliance resolution fund and paid by the liquidator in accordance with section 431:15-332. Any sums remaining that under section 431:15-332 would revert to the undistributed assets of the insurer shall be transferred to the compliance resolution fund and become the property of the State under subsection (a), unless the commissioner in the commissioner's discretion petitions the court to reopen the liquidation under section 431:15-337. [L 1987, c 347, pt of §2; am L 1999, c 163, §15; am L 2000, c 182, §14; am L 2002, c 39, §16]
Section: Previous 431-15-328 431-15-329 431-15-330 431-15-331 431-15-332 431-15-333 431-15-334 431-15-335 431-15-336 431-15-337 431-15-338 431-15-401 431-15-402 431-15-403 431-15-404 NextLast modified: October 27, 2016