2023 New York Laws › ABP - Abandoned Property › Article 7 - Unclaimed Life Insurance Funds › 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.