Okla. Admin. Code § 735:80-11-25

Current through Vol. 42, No. 8, January 2, 2025

Section 735:80-11-25 - Insurance corporations; life and property and casualty; field audits

(a) Insurance corporations shall be examined under any or all of the circumstances defined in 735:80-11-2.

(b) The following categories of property normally held by an insurance corporation shall be subject to reporting under the Unclaimed Property Act:

(1) Proceeds due on life or endowment insurance policies;

(2) Proceeds due on annuity contracts which have matured or terminated;

(3) Proceeds due on policies in which the insured has reached the limiting age under the mortality table on which the reserve is based.

(c) The property(ies) in (b) of this Section shall not be presumed abandoned if the holder has mailed statements or other communications to the owner within five (5) years (two (2) years if the insured has reached the limiting age) from the date of last customer generated activity or transaction, and no such statement or communication has been returned as non-deliverable. OST may, at its discretion, require a holder to produce evidence of mailing of such statements or other business communications during the aforementioned abandonment period.

(d) In addition to the categories of property described in (b) of this Section, the following categories of property normally held by an insurance corporation shall be subject to reporting under the Unclaimed Property Act:

(1) Outstanding or unclaimed expense and vendor checks, payroll checks, claim checks or drafts or other miscellaneous checks or drafts;

(2) Unclaimed stock (undeliverable and underlying shares) and unclaimed dividends;

(3) Agents credit balances and commissions;

(4) Policy dividends;

(5) Unidentified remittances;

(6) Property distributable in the course of a demutualization or reorganization of an insurance company, pursuant to 60 O.S. § 653.1;

(7) Any other intangible personal property not otherwise covered by the Unclaimed Property Act.

Okla. Admin. Code § 735:80-11-25

Transferred from 710:80-11-25 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 22 Ok Reg 2661, eff 7-11-05