§ 10-3-544 — Unclaimed and withheld funds

Colorado § 10-3-544

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) 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 state treasurer and shall be paid, without interest, except in
accordance with section 10-3-541, to the person entitled thereto or such person's
legal representative upon proof satisfactory to the state treasurer of the person's
right thereto. Any amount on deposit not claimed within six years after the date of
discharge of the liquidator shall be deemed to have been abandoned and shall
escheat, without formal escheat proceedings, to the state and shall be deposited in
the general fund.

(2) All funds withheld under section 10-3-537 and not distributed shall, upon
discharge of the liquidator, be deposited with the state treasurer and paid in
accordance with section 10-3-541. Any sums remaining which, under section 10-3-541, would revert to the undistributed assets of the insurer shall be transferred to
the state treasurer and become the property of the state under subsection (1) of
this section unless the commissioner in the commissioner's discretion petitions the
court to reopen the liquidation under section 10-3-546.

Legislative History

Source: L. 92: Entire part R&RE, p. 1477, � 14, effective July 1.