N.Y. ABP Law § 700 — New York Code / Act ABP / Article 7 / Section 700
Unclaimed life insurance corporation moneys
Status: in_force

§ 700. Unclaimed life insurance corporation moneys. 1. The following\nunclaimed property held or owing by life insurance corporations shall be\ndeemed abandoned property:\n  (a) Any moneys held or owing by any life insurance corporation which\nshall have remained unclaimed for three years by the person or persons\nappearing to be entitled thereto under matured life insurance policies\non the endowment plan and which are payable to any person whose\nlast-known address, according to the records of the corporation, is\nwithin this state.\n  (b) Any moneys held or owing by any life insurance corporation which\nare payable under other kinds of life insurance policies to any person\nwhose last-known address, according to the records of the corporation,\nis within this state, where the insured, if living, would have attained\nthe limiting age under the mortality table on which the reserves are\nbased, exclusive of\n  (i) any policy which has within three years been assigned, readjusted,\nkept in force by payment of premium, reinstated or subjected to loan, or\n  (ii) any policy with respect to which such corporation has on file\nwritten evidence received within three years that the person or persons\napparently entitled to claim thereunder have knowledge thereof.\n  (c) Any moneys held or owing by any life insurance corporation due to\nbeneficiaries or other persons entitled thereto under policies on the\nlives of persons who have died where the last-known address, according\nto the records of the corporation, of the person or persons appearing to\nbe entitled thereto is within this state, which moneys shall have\nremained unclaimed by the person or persons entitled thereto for three\nyears.\n  (d) Any other moneys which are held or owing by any life insurance\ncorporation on or after July first, nineteen hundred sixty-seven\nconstituting or representing refunds of any kind due upon or in\nconnection with life insurance policies payable to any person whose last\nknown address, according to the records of the corporation, is within\nthis state, which moneys shall have remained unclaimed by the person\nentitled thereto for three years.\n  (e) Any moneys held or owing by any life insurance corporation on or\nafter July first, nineteen hundred eighty-three upon or in connection\nwith an annuity contract payable to any person whose last-known address,\naccording to the records of the corporation, is within this state, which\nmoneys shall have remained unclaimed by the person entitled thereto for\nthree years.\n  (f) If no address of the person or persons appearing to be entitled to\nthe unclaimed funds pursuant to (a), (b), (c), (d) or (e) of this\nsubdivision is known to such corporation, or if it is not definite and\ncertain from the records of such corporation what person is entitled to\nsuch funds, it shall be presumed that the last-known address of the\nperson entitled to such funds is the same as the last-known address of\nthe insured or annuitant according to the records of such corporation.\nWhere no address can be ascertained, pursuant to this paragraph, for the\ninsured, annuitant or person or persons entitled to the unclaimed funds,\nsuch person's last-known address shall be presumed to be within this\nstate if the unclaimed funds are held or owing by life insurance\ncorporation organized under the laws of this state.\n  2. Any such abandoned property held or owing by a life insurance\ncorporation to which the right to receive the same is established to the\nsatisfaction of such corporation shall cease to be deemed abandoned.\n