66-29-138 - Unclaimed demutualization proceeds. - Tennessee Statutes

66-29-138. Unclaimed demutualization proceeds.

(a)  Notwithstanding any provision of this part or any other law to the contrary, unclaimed property payable or distributable in the course of the demutualization of an insurance company is presumed abandoned three (3) years after the earlier of the date:

     (1)  Of last contact with the policyholder; or

     (2)  The property became payable or distributable.

(b)  The report that is required to be filed on or before May 1, 2004, pursuant to § 66-29-113 shall include demutualization distribution property for which there has been no policyholder contact for the three years prior to December 31, 2003.

[Acts 2003, ch. 248, § 1.]