(a) All unclaimed funds subject to distribution remaining in the liquidator's hands when he or she 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 deposited with the State Treasurer, and shall be paid without interest except in accordance with section 7081 of this title to the person entitled thereto or his or her legal representative upon proof satisfactory to the State Treasurer of his or her right thereto. Any amount on deposit not claimed within seven 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 with the General Fund.

(b) All funds withheld under section 7077 of this title and not distributed shall upon discharge of the liquidator be deposited with the State Treasurer and paid by him or her in accordance with section 7077 of this title. Any sums remaining which under section 7077 of this title would revert to the undistributed assets of the insurer shall be transferred to the State Treasurer and become the property of the State under subsection (a) of this section, unless the Commissioner in his or her discretion petitions the court to reopen the liquidation under section 7086 of this title. (Added 1991, No. 45, § 2, eff. May 29, 1991.)