§ 27-9-3-43 — Deposit of unclaimed funds

Indiana § 27-9-3-43

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 9: SUPERVISION; REHABILITATION
• Ch. 3: Formal Proceedings

Text

(a) All unclaimed funds subject to distribution
remaining in the liquidator's hands when the liquidator is ready to apply
to the Marion County circuit 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 treasurer of
state, and shall be paid without interest except in accordance with
section 40 of this chapter to the person entitled to it or his legal
representative upon proof satisfactory to the treasurer of state of his
right to it. Any amount on deposit that is not claimed within six (6)
years from the discharge of the liquidator shall be treated as if
abandoned and shall be escheated without formal escheat proceedings
and be deposited in the state general fund.
(b) All funds withheld under section 35 of this chapter and not
distributed shall upon discharge of the liquidator be deposited with the
treasurer of state and paid by him as required by section 40 of this
chapter. Any sums remaining, which under section 40 of this chapter
would revert to the undistributed assets of the insurer, shall be
transferred to the treasurer of state and become the property of the state
as provided by subsection (a), unless the commissioner in his discretion
petitions the Marion County circuit court to reopen the liquidation
under section 45 of this chapter.
As added by Acts 1979, P.L.255, SEC.1.