N.Y. Abandoned Property Law § 1316: Unclaimed insurance proceeds other than life insurance

§ 1316. Unclaimed insurance proceeds other than life insurance. 1. Any

amount issued and payable on or after July first, nineteen hundred

seventy-four payable to a resident of this state on or because of a

policy of insurance other than life insurance, which is held or owing by

a domestic insurer or a foreign insurer authorized to do business in

this state or by an agent or agency of such insurer, shall be deemed

abandoned property if unclaimed for three years by the person entitled

thereto. Where such amount is held or owing by a domestic insurer for an

unknown person or a person whose address is unknown, such amount is

presumed to be payable to a resident of this state.

2. Every insurer shall cause to be published, on or before the first

day of May in each year, a list of such abandoned property in the same

manner as that prescribed for life insurance companies by section seven

hundred two of this chapter.

3. Such property which was deemed abandoned pursuant to subdivision

one of this section shall be paid or delivered to the comptroller within

the first ten days of September of each year. Such payment shall be

accompanied by a true and accurate report that shall be in such form and

manner as the state comptroller may prescribe.