Michigan Laws 567.228b – Demutualization of insurance company; property; presumption; report; definition
Current as of: 2023 | Check for updates
|
Other versions
(1) Property distributable in the course of the demutualization of an insurance company is presumed abandoned as follows:
(a) Any funds, 2 years after the date of the demutualization, if the funds remain unclaimed and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
Terms Used In Michigan Laws 567.228b
- Holder: means a person, wherever organized or domiciled, who is 1 or more of the following:
(i) In possession of property belonging to another. See Michigan Laws 567.222Insurance company: means an individual, association, corporation, fraternal or mutual benefit organization, or any other legal entity, whether or not for profit, that is engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 567.222 Owner: means a depositor, in the case of a deposit; a beneficiary, in case of a trust other than a deposit in trust; a creditor, claimant, or payee, in the case of other intangible property; or a person having a legal or equitable interest in property subject to this act. See Michigan Laws 567.222 Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
(b) Any stock, 2 years after the date of the demutualization, if instruments or statements reflecting the distribution are either mailed to the owner and returned by the post office as undeliverable or not mailed to the owner because of an address on the books and records of the holder that is known to be incorrect and the owner has not otherwise communicated with the holder or its agent regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(2) A holder of unclaimed property described in subsection (1) shall file an initial 1-time report of unclaimed demutualization proceeds not later than September 1, 2004 for the 1-year period ending December 31, 2003.
(3) As used in this section, “demutualization” means the payment of consideration for the relinquishment of a mutual membership interest in a mutual insurance company, regardless if undertaken in conjunction with a plan of demutualization, liquidation, merger, or other form of reorganization.