447.510. Unclaimed funds held and owing by insurance company presumed abandoned, when--unclaimed funds defined--distribution of abandoned property, when.

MISSOURI STATUTES AND CODES

447.510. Unclaimed funds held and owing by insurance company presumed abandoned, when--unclaimed funds defined--distribution of abandoned property, when.

Unclaimed funds held and owing by insurance company presumedabandoned, when--unclaimed funds defined--distribution ofabandoned property, when.

447.510. 1. Unclaimed funds, as defined in this section, held andowing by an insurance corporation shall be presumed abandoned if the lastknown address, according to the records of the corporation, of the personentitled to the funds is within this state. If a person other than theinsured or annuitant is entitled to the funds and no address of such personis known to the corporation or if it is not definite and certain from therecords of the corporation what person is entitled to the funds, it ispresumed that the last known address of the person entitled to the funds isthe same as the last known address of the insured or annuitant according tothe records of the corporation.

2. "Unclaimed funds", as used in this section, means all moneys heldand owing by any insurance corporation unclaimed and unpaid for more thanseven years or five years as provided in section 447.536 after the moneysbecame due and payable as established from the records of the corporationunder any property insurance or casualty insurance policy or any life orendowment insurance policy or annuity contract which has matured orterminated, including all unpaid drafts, except drafts issued for thepurpose of an offer of settlement. It shall be the responsibility of theissuing company to establish that an unpaid draft was tendered as asettlement offer. A life insurance policy not matured by actual proof ofthe death of the insured is deemed to be matured and the proceeds thereofare deemed to be due and payable if such policy was in force when theinsured attained the limiting age under the mortality table on which thereserve is based, unless the person appearing entitled thereto has withinthe preceding seven years or five years as provided in section 447.536:

(1) Assigned, readjusted, or paid premiums on the policy, orsubjected the policy to loan; or

(2) Corresponded in writing with the life insurance corporationconcerning the policy.

Moneys otherwise payable according to the records of the corporation aredeemed due and payable although the policy or contract has not beensurrendered as required.

3. (1) Property distributable in the course of a demutualization,rehabilitation, or related reorganization of an insurance company is deemedabandoned two years after the date the property is first distributable ifat the time of the first distribution the last known address of the owneron the books and records of the holder is known to be incorrect, or thedistribution or statements are returned by the post office asundeliverable; and the owner:

(a) Has not communicated in writing with the holder or its agentregarding the property; or

(b) Otherwise communicated with the holder regarding the property asevidenced by a memorandum or other record on file with the holder or itsagent.

(2) Property distributable in the course of demutualization,rehabilitation, or related reorganization of a mutual insurance companythat is not subject to subsection 1 of this section shall be reportable asotherwise provided in section 447.536.

(3) The initial report for December 31, 2002, required pursuant tothis subsection shall be filed no later than November 1, 2003. Anyadditional reports of property subject to subsection 1 of this sectionshall be reported and delivered no later than May first of each year forall property to be reported pursuant to this subsection for December of thepreceding year.