HARRY HUGHES, Governor                               2799

funds, it is presumed that the last known address of the
person entitled to the funds is the same as the last known
address of the insured or annuitant according to the records
of the corporation.

(2) "Unclaimed funds," as used in this
subsection, means all money held [and owing] by any life
insurance corporation unclaimed and unpaid for more than
seven years after the money becomes due and payable, as
established from the records of the corporation under any
life or endowment insurance policy or annuity contract which
has matured or terminated. A life insurance policy not
matured by actual proof of the death of the insured is
considered to be matured and its proceeds are considered due
and payable if the policy was in force when the insured
attained the limiting age under the mortality table on which
the reserve is based, unless, within the preceding seven
years, the person entitled to the proceeds has:

(i) Assigned, readjusted, or paid premiums
on the policy, or subjected the policy to loan; or

(ii) Corresponded in writing with the life
insurance corporation concerning the policy.

(b) (1) Unclaimed funds, as defined in paragraph (2)
of this subsection, held [and owing] by a fire, casualty, or
surety insurance corporation, shall be presumed abandoned if
the last known address of the person entitled to the funds,
according to the records of the corporation, is in [the]
THIS State. If a person other than the insured, the
principal, or the claimant is entitled to the funds and the
address of the person is not known to the corporation or if
it is not definite and certain from the records of the
corporation which person is entitled to the funds, it is
presumed that the last known address of the person entitled
to the funds is the same as the last known address of the
insured, the principal, or the claimant according to the
records of the corporation.

(2) "Unclaimed funds," as used in this
subsection, means all money held [and owing] by any fire,
casualty, or surety insurance corporation unclaimed and
unpaid for more than seven years after the money becomes due
and payable, as established from the records of the
corporation, either to an insured, a principal, or a
claimant under any fire, casualty, or surety insurance
policy or contract.

(c)  Money otherwise payable according to the records
of the corporation is considered due and payable although
the policy or contract has not been surrendered as required.

[17-107] 17-303.

The following funds held [or owing] by any utility are
presumed abandoned: