§ 41-107.01. Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company.

Current through October 23, 2012

(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.

                
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(Mar. 5, 1981, D.C. Law 3-160, § 107a, as added Dec. 7, 2004, D.C. Law 15-205, § 1052(a), 51 DCR 8441.)

HISTORICAL AND STATUTORY NOTES

Emergency Act Amendments

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).

Legislative History of Laws

Law 15-205, the "Fiscal Year 2005 Budget Support Act of 2004", was introduced in Council and assigned Bill No. 15-768, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 14, 2004, and June 29, 2004, respectively. Signed by the Mayor on August 2, 2004, it was assigned Act No. 15-487 and transmitted to both Houses of Congress for its review. D.C. Law 15-205 became effective on December 7, 2004.

Miscellaneous Notes

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.