2007 Minnesota Statutes

345.33 UNCLAIMED FUNDS HELD BY LIFE INSURANCE CORPORATIONS.
(a) Unclaimed funds, as defined in this section, held and owing by a life insurance
corporation shall be presumed abandoned if the last known address, according to the records of the
corporation, of the person entitled to the funds is within this state. If a person other than the insured
or annuitant is entitled to the funds and no address of such person is known to the corporation or
if it is not definite and certain from the records of the corporation what 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 or annuitant according to the records of the corporation.
(b) "Unclaimed funds," as used in this section, means all moneys held and owing by any
life insurance corporation unclaimed and unpaid for more than three years after the moneys
became due and payable as established from the records of the corporation under any life or
endowment insurance policy or annuity contract which has matured. A life insurance policy not
matured by actual proof of the death of the insured is deemed to be matured and the proceeds
thereof are deemed to be due and payable if such policy was in force when the insured attained
the limiting age under the mortality table on which the reserve is based, unless the person
appearing entitled thereto has within the preceding three years, (1) assigned, readjusted or paid
premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the
life insurance corporation concerning the policy. Moneys or drafts otherwise payable according to
the records of the corporation are deemed due and payable although the policy or contract has
not been surrendered as required.
History: 1969 c 725 s 3; 1977 c 137 s 4; 3Sp1981 c 2 art 1 s 59; 1992 c 513 art 3 s 62