393A.520 When administrator must honor claim for property. (1) The administrator shall pay or deliver property to a claimant under KRS 393A.510(1) if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. (2) Not later than ninety (90) days after a claim is filed under KRS 393A.510(1), the administrator shall allow or deny the claim and give the claimant notice in a record of the decision. (3) If the claim is denied under subsection (2) of this section: (a) The administrator shall inform the claimant of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed; (b) The claimant may file an amended claim with the administrator or request an administrative hearing under KRS 393A.540; and (c) The administrator shall consider an amended claim filed under paragraph (b) of this subsection as an initial claim. (4) If the administrator does not take action on a claim during the ninety (90) day period following the filing of a claim under KRS 393A.510(1), the claim shall be deemed denied. Effective: July 14, 2018 History: Created 2018 Ky. Acts ch. 163, sec. 52, effective July 14, 2018.
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