(a) Property distributable in the course of demutualization, rehabilitation or related reorganization of an insurance company, shall be deemed abandoned 2 years after the date of the demutalization if, at the time of the demutualization:
(1)(A) The last known address of the owner on the books and records of the holder is known to be incorrect;
(B) The distribution or statements are returned by the post office as undeliverable; or
(C) Funds distributed in the course of the demutualization, rehabilitation, or related reorganization remain uncashed; and
(2) The owner has not:
(A) Communicated in writing with the holder or its agent regarding the property; or
(B) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(b) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection (a) of this section shall be reportable as otherwise provided by this chapter.
(Mar. 5, 1981, D.C. Law 3-160, § 107a; as added Dec. 7, 2004, D.C. Law 15-205, § 1052(a), 51 DCR 8441.)
This section is referenced in § 41-117.
For temporary (90 day) addition, see § 1052(a) of Fiscal Year 2005 Budget Support Emergency Act of 2004 (D.C. Act 15-486, August 2, 2004, 51 DCR 8236).
For temporary (90 day) addition, see § 1052(a) of Fiscal Year 2005 Budget Support Congressional Review Emergency Act of 2004 (D.C. Act 15-594, October 26, 2004, 51 DCR 11725).
Short title of subtitle F of title I of Law 15-205: Section 1051 of D.C. Law 15-205 provided that subtitle F of title I of the act may be cited as the Unclaimed Property Demutualization of Proceeds Amendment Act of 2004.
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