§ 27-14.3-49. Unclaimed and withheld funds.
(a) All unclaimed funds subject to distribution in accordance with § 27-14.3-46 remaining in the liquidator’s hands when he or she is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the general treasurer, and shall be paid without interest except in accordance with § 27-14.3-46 to the person entitled to the funds or his or her legal representative upon satisfactory proof to the general treasurer of his or her right to the funds. Any amount on deposit not claimed within one year from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the general treasurer.
(b) All funds withheld under § 27-14.3-41 and not distributed shall upon discharge of the liquidator be deposited with the general treasurer and paid by him or her in accordance with § 27-14.3-46. Any sums remaining which under § 27-14.3-46 would revert to the undistributed assets of the insurer shall be transferred to the general treasurer and become the property of the state under subsection (a) of this section, unless the commissioner, in his or her discretion, petitions the court to reopen the liquidation under § 27-14.3-51.
History of Section.P.L. 1993, ch. 248, § 1.
Structure Rhode Island General Laws
Chapter 27-14.3 - Insurers’ Rehabilitation and Liquidation Act
Section 27-14.3-1. - Short title — Construction — Purpose.
Section 27-14.3-2. - Applicability.
Section 27-14.3-3. - Definitions.
Section 27-14.3-4. - Jurisdiction and venue.
Section 27-14.3-5. - Injunctions and orders.
Section 27-14.3-6. - Cooperation of officers, owners, and employees.
Section 27-14.3-7. - Repealed.
Section 27-14.3-8. - Condition on release from delinquency proceedings.
Section 27-14.3-9. - Immunity and indemnification of the receiver and employees.
Section 27-14.3-10. - Court’s seizure order.
Section 27-14.3-11. - Commencement of formal delinquency proceeding.
Section 27-14.3-12. - Return of summons and summary hearing.
Section 27-14.3-13. - Proceedings for expedited trial — Continuances, discovery, and evidence.
Section 27-14.3-14. - Decision and appeals.
Section 27-14.3-15. - Confidentiality of hearings.
Section 27-14.3-16. - Grounds for rehabilitation.
Section 27-14.3-17. - Rehabilitation order.
Section 27-14.3-18. - Powers and duties of rehabilitator.
Section 27-14.3-19. - Actions by and against rehabilitator.
Section 27-14.3-20. - Termination of rehabilitation.
Section 27-14.3-21. - Grounds for liquidation.
Section 27-14.3-22. - Liquidation orders.
Section 27-14.3-23. - Continuance of coverage.
Section 27-14.3-24. - Dissolution of insurer.
Section 27-14.3-25. - Powers of liquidator.
Section 27-14.3-26. - Notice to creditors and others.
Section 27-14.3-27. - Duties of agents or insurance producers.
Section 27-14.3-28. - Actions by and against liquidator.
Section 27-14.3-29. - Collection and list of assets.
Section 27-14.3-30. - Fraudulent transfers prior to petition.
Section 27-14.3-31. - Fraudulent transfer after petition.
Section 27-14.3-32. - Voidable preferences and liens.
Section 27-14.3-33. - Claims of holders of void or voidable rights.
Section 27-14.3-34. - Setoffs.
Section 27-14.3-35. - Assessments.
Section 27-14.3-36. - Reinsurer’s liability.
Section 27-14.3-37. - Recovery of premiums owed.
Section 27-14.3-38. - Domiciliary liquidator’s proposal to distribute assets.
Section 27-14.3-39. - Filing of claims.
Section 27-14.3-40. - Proof of claim.
Section 27-14.3-41. - Special claims.
Section 27-14.3-42. - Special provisions for third party claims.
Section 27-14.3-43. - Disputed claims.
Section 27-14.3-44. - Claims of surety.
Section 27-14.3-45. - Secured creditor’s claims.
Section 27-14.3-46. - Priority of distribution.
Section 27-14.3-46.1. - Insurer assessments.
Section 27-14.3-47. - Liquidator’s recommendations to the court.
Section 27-14.3-48. - Distribution of assets.
Section 27-14.3-49. - Unclaimed and withheld funds.
Section 27-14.3-50. - Termination of proceedings.
Section 27-14.3-51. - Reopening liquidation.
Section 27-14.3-52. - Disposition of records during and after termination of liquidation.
Section 27-14.3-53. - External audit of receiver’s books.
Section 27-14.3-54. - Conservation of property of foreign or alien insurers found in this state.
Section 27-14.3-55. - Liquidation of property of foreign or alien insurers found in this state.
Section 27-14.3-56. - Domiciliary liquidators in other states.
Section 27-14.3-57. - Ancillary formal proceedings.
Section 27-14.3-58. - Ancillary summary proceedings.
Section 27-14.3-59. - Claims of nonresidents against insurers domiciled in this state.
Section 27-14.3-60. - Claims of residents against insurers domiciled in reciprocal states.
Section 27-14.3-61. - Attachment, garnishment and levy of execution.
Section 27-14.3-62. - Interstate priorities.
Section 27-14.3-63. - Subordination of claims for noncooperation.