N.Y. Abandoned Property Law § 700: Unclaimed life insurance corporation moneys

§ 700. Unclaimed life insurance corporation moneys. 1. The following

unclaimed property held or owing by life insurance corporations shall be

deemed abandoned property:

(a) Any moneys held or owing by any life insurance corporation which

shall have remained unclaimed for three years by the person or persons

appearing to be entitled thereto under matured life insurance policies

on the endowment plan and which are payable to any person whose

last-known address, according to the records of the corporation, is

within this state.

(b) Any moneys held or owing by any life insurance corporation which

are payable under other kinds of life insurance policies to any person

whose last-known address, according to the records of the corporation,

is within this state, where the insured, if living, would have attained

the limiting age under the mortality table on which the reserves are

based, exclusive of

(i) any policy which has within three years been assigned, readjusted,

kept in force by payment of premium, reinstated or subjected to loan, or

(ii) any policy with respect to which such corporation has on file

written evidence received within three years that the person or persons

apparently entitled to claim thereunder have knowledge thereof.

(c) Any moneys held or owing by any life insurance corporation due to

beneficiaries or other persons entitled thereto under policies on the

lives of persons who have died where the last-known address, according

to the records of the corporation, of the person or persons appearing to

be entitled thereto is within this state, which moneys shall have

remained unclaimed by the person or persons entitled thereto for three

years.

(d) Any other moneys which are held or owing by any life insurance

corporation on or after July first, nineteen hundred sixty-seven

constituting or representing refunds of any kind due upon or in

connection with life insurance policies payable to any person whose last

known address, according to the records of the corporation, is within

this state, which moneys shall have remained unclaimed by the person

entitled thereto for three years.

(e) Any moneys held or owing by any life insurance corporation on or

after July first, nineteen hundred eighty-three upon or in connection

with an annuity contract payable to any person whose last-known address,

according to the records of the corporation, is within this state, which

moneys shall have remained unclaimed by the person entitled thereto for

three years.

(f) If no address of the person or persons appearing to be entitled to

the unclaimed funds pursuant to (a), (b), (c), (d) or (e) of this

subdivision is known to such corporation, or if it is not definite and

certain from the records of such corporation what person is entitled to

such funds, it shall be presumed that the last-known address of the

person entitled to such funds is the same as the last-known address of

the insured or annuitant according to the records of such corporation.

Where no address can be ascertained, pursuant to this paragraph, for the

insured, annuitant or person or persons entitled to the unclaimed funds,

such person's last-known address shall be presumed to be within this

state if the unclaimed funds are held or owing by life insurance

corporation organized under the laws of this state.

2. Any such abandoned property held or owing by a life insurance

corporation to which the right to receive the same is established to the

satisfaction of such corporation shall cease to be deemed abandoned.