Oklahoma § 60-653.1 - Abandoned property - Demutualization or related

§ 60-653.1. Abandoned property - Demutualization or related

reorganization of insurance company.

Oklahoma Statutes - Title 60. Property

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 lastknown 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.