Abandoned property - Demutualization or related reorganization of insurance company.

  1. Law
  2. Oklahoma Statutes
  3. Property
  4. Abandoned property - Demutualization or related reorganization of insurance company.

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Property distributable in the course of a demutualization or related reorganization of an insurance company shall be deemed abandoned as follows:

1. Any funds, two (2) years after the date of the demutualization or reorganization, if there is no memorandum or other record on file with the holder or its agent evidencing the owner’s communication with the holder or its agent within two (2) years following the date of the demutualization or reorganization, and:

  • a.a check is mailed to the last-known address of the owner by the holder or its agent and the funds remain unclaimed by the owner,
  • b.a check is mailed to the last-known address of the owner by the holder or its agent and returned by the post office as undeliverable, or
  • c.a check is not mailed to the owner because the last-known address on the books and records of the holder is known to be invalid;

2. Any stock or equity interest, two (2) years after the date of the demutualization or reorganization, if there is no memorandum or other record on file with the holder or its agent evidencing the owner’s communication with the holder or its agent within two (2) years following the date of the demutualization or reorganization, and instruments or statements reflecting the distribution are:

  • a.mailed to the last-known address of the owner by the holder or its agent and returned by the post office as undeliverable, or
  • b.not mailed to the owner because the last-known address on the books and records of the holder is known to be invalid;

3. Property distributable in the course of demutualization or related reorganization not subject to paragraphs 1 or 2 of this section within two (2) years of the distribution shall remain reportable under other sections of this chapter;

4. A report of property presumed abandoned pursuant to this section must be filed in accordance with Section 661 of Title 60 of the Oklahoma Statutes. The initial report for property distributable in the course of demutualization, rehabilitation, or related reorganization of an insurance company shall be filed on or before November 1, 2004, with respect to conditions in effect on December 31, 2003, and all property shall be determined to be reportable under this section as if this section were in effect on the date of the demutualization, rehabilitation, or related reorganization of an insurance company.

Added by Laws 2004, c. 318, § 1, eff. July 1, 2004.


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