Text: SSB01017 Text: SSB01019 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 556.3A UNCLAIMED DEMUTUALIZATION 1 2 PROCEEDS HELD BY INSURANCE COMPANIES. 1 3 Property distributable in the course of demutualization or 1 4 related reorganization of an insurance company that remains 1 5 unclaimed is deemed abandoned two years after the earlier of: 1 6 1. The first date on which the property of an insurance 1 7 company being demutualized or reorganized was distributable. 1 8 2. The date of last contact by the insurance company with 1 9 a policyholder. 1 10 Sec. 2. Section 556.9, subsection 1, Code 2003, is amended 1 11 to read as follows: 1 12 1. All intangible personal property, not otherwise covered 1 13 by this chapter, including any income or increment earned on 1 14 the property and deducting any lawful charges, that is held or 1 15 owing in this state in the ordinary course of the holder's 1 16 business and has remained unclaimed by the owner for more than 1 17 three years after it became payable or distributable is 1 18 presumed abandoned. However, unpaid wages, including wages 1 19 represented by payroll checks or other compensation for 1 20 personal services owing in the ordinary course of the holder's 1 21 business that remain unclaimed by the owner for more than one 1 22 year after becoming payable are presumed abandoned. 1 23 Sec. 3. Section 556.11, subsection 4, Code 2003, is 1 24 amended to read as follows: 1 25 4. The report shall be filed annually before November 1 1 26 for the fiscal year ending on the preceding June 30. However, 1 27 the report of unclaimed demutualization proceeds as provided 1 28 in section 556.3A shall be made before May 1 for the preceding 1 29 calendar year. The treasurer of state may postpone the 1 30 reporting date upon written request by any person required to 1 31 file a report. 1 32 Sec. 4. Section 556.12, subsection 1, Code 2003, is 1 33 amended to read as follows: 1 34 1. If a report has been filed with the treasurer of state, 1 35 or property has been paid or delivered to the treasurer of 2 1 state, for the fiscal year ending on June 30 or in the case of 2 2 unclaimed demutualization proceeds, for the preceding calendar 2 3 year as required by section 556.11, the treasurer of state 2 4 shall provide for the publication annually of at least one 2 5 notice not later than the following November 30. Each notice 2 6 shall be published at least once each week for two successive 2 7 weeks in an English language newspaper of general circulation 2 8 in the county in this state in which is located the last known 2 9 address of any person to be named in the notice. If an 2 10 address is not listed or if the address is outside this state, 2 11 the notice shall be published in the county in which the 2 12 holder of the abandoned property has its principal place of 2 13 business within this state. 2 14 Sec. 5. EFFECTIVE DATE. Sections 1, 3, and 4 of this Act, 2 15 being deemed of immediate importance, take effect upon 2 16 enactment. 2 17 EXPLANATION 2 18 This bill specifies that unclaimed insurance company 2 19 demutualization proceeds are deemed abandoned the earlier of 2 20 two years after the first distribution date or two years after 2 21 the last contact date with the policyholder. The insurance 2 22 company must submit its report on these presumed abandoned 2 23 proceeds by May 1 instead of November 1. 2 24 The bill also sets the period for presuming the abandonment 2 25 of unpaid wages at one year. 2 26 The provisions relating to unclaimed demutualization 2 27 proceeds take effect upon enactment. 2 28 LSB 1254XD 80 2 29 mg/sh/8
Text: SSB01017 Text: SSB01019 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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