2868

LAWS OF MARYLAND

Ch. 602

(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 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 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 by any fire, casualty, or surety insurance
corporation unclaimed and unpaid for more than 5 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.]

17-302.

(A)  FUNDS HELD OR OWING UNDER ANY LIFE OR ENDOWMENT
INSURANCE POLICY OR ANNUITY CONTRACT THAT HAS MATURED OR
TERMINATED ARE PRESUMED ABANDONED IF UNCLAIMED FOR MORE THAN 5
YEARS AFTER THE FUNDS BECOME DUE AND PAYABLE AS ESTABLISHED FROM
THE RECORDS OF THE INSURANCE COMPANY HOLDING OR OWING THE FUNDS.

(B)  IF A PERSON OTHER THAN THE INSURED OR ANNUITANT IS
ENTITLED TO THE FUNDS AND AN ADDRESS OF THE PERSON IS NOT KNOWN
TO THE COMPANY OR IT IS NOT DEFINITE AND CERTAIN FROM THE RECORDS
OF THE COMPANY WHO 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 OR ANNUITANT
ACCORDING TO THE RECORDS OF THE COMPANY.

(C)  FOR PURPOSES OF THIS SUBTITLE, A LIFE OR ENDOWMENT
INSURANCE POLICY OR ANNUITY CONTRACT NOT MATURED BY ACTUAL PROOF
OF THE DEATH OF THE INSURED OR ANNUITANT ACCORDING TO THE RECORDS
OF THE COMPANY IS MATURED AND THE PROCEEDS DUE AND PAYABLE IF:

(1) THE COMPANY KNOWS THAT THE INSURED OR ANNUITANT
HAS DIED; OR