§ 27-14.3-49 — § 27-14.3-49. Unclaimed and withheld funds.

Rhode Island § 27-14.3-49

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-14.3: Insurers’ Rehabilitation and Liquidation Act

Text

§ 27-14.3-49. Unclaimed and withheld funds.

(a) All unclaimed funds subject to distribution in accordance with § 27-14.3-46 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 general treasurer, and shall be paid without interest except in accordance with § 27-14.3-46 to the person entitled to the funds or the person's legal representative upon satisfactory proof to the general treasurer of the person's right to the funds. Any amount on deposit not claimed within one year 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 treasurer.

(b) All funds withheld under § 27-14.3-41 and not distributed shall upon discharge of the liquidator be deposited with the general treasurer and paid by the general treasurer in accordance with § 27-14.3-46. Any sums remaining which under § 27-14.3-46 would revert to the undistributed assets of the insurer shall be transferred to the general treasurer and become the property of the state under subsection (a) of this section, unless the commissioner, in the commissioner's discretion, petitions the court to reopen the liquidation under § 27-14.3-51.

Legislative History

P.L. 1993, ch. 248, § 1.