Disposition of Unclaimed Funds Subject to Distribution

  1. Law
  2. Georgia Code
  3. Insurance
  4. Insurers Rehabilitation and Liquidation
  5. Procedure for Rehabilitation
  6. Disposition of Unclaimed Funds Subject to Distribution

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  1. All unclaimed funds subject to distribution remaining in the liquidator's hands when he 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 maintained by the Commissioner and shall be paid without interest except in accordance with Code Section 33-37-41 to the person entitled thereto or his legal representative upon proof satisfactory to the Commissioner of his right thereto.Any amount on deposit not claimed within six years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited in the general fund of the state.
  2. All funds withheld under Code Section 33-37-36 and not distributed shall upon discharge of the liquidator be maintained by the Commissioner and paid by him in accordance with Code Section 33-37-41.Any sums remaining which under Code Section 33-37-41 would revert to the undistributed assets of the insurer shall be transferred to the general fund of the state under subsection (a) of this Code section, unless the Commissioner in his discretion petitions the court to reopen the liquidation under Code Section 33-37-46.

(Code 1981, §33-37-44, enacted by Ga. L. 1991, p. 1424, § 7.)

RESEARCH REFERENCES

ALR.

- Conflict of laws respecting duration of or time for enforcement of liability of policyholders in respect of assessments, 161 A.L.R. 989.


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