SENATE BILL NO. 371
AN ACT TO AMEND §1180 AND §1183, TITLE 12, DELAWARE CODE, TO INCLUDE WITHIN THE SCOPE OF CHAPTER 11, SUBCHAPTER III, UNCLAIMED FUNDS OF LIFE INSURANCE COMPANIES DOING BUSINESS IN THIS STATE WHERE ALL RIGHTS TO SUCH FUNDS HAVE BEEN ABANDONED OR OTHERWISE RELINQUISHED BY A CORPORATION OF THIS STATE, TO REQUIRE REPORTS OF SUCH FUNDS AND TO ADD A NEW SECTION TO PERMIT THE ESCHEAT OF FUNDS THAT HAVE NOT BEEN REPORTED.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 1180, Chapter 11, Title 12, Delaware Code, as heretofore is designated subsection (a).
Section 2. Section 1180, Chapter 11, Title 12, Delaware Code, is amended by adding thereto a new subsection (b) to read as follows:
(b) This subchapter shall also apply to unclaimed funds, as defined in §1181 of this Title, of any life insurance company doing business in this state where the last person entitled to any such fund is or was a Delaware corporation and such corporation abandoned, disclaimed or otherwise relinquished all right, title and interest to such funds. This subchapter shall also apply where such corporation terminated or cancelled any life or endowment insurance policy or annuity contract, or permitted any life or endowment insurance policy or annuity contract to be terminated or cancelled, and such funds resulting from any policy or contract to which the corporation would otherwise have been entitled accrued or became due and payable after such cancellation or termination.
Section 3. Section 1183, Chapter 11, Title 12, Delaware Code, is amended by adding an additional sentence to subsection (b) as follows:
"For all unclaimed funds payable to corporations as provided in §1180 (b), notice shall be published in the county of the last known address of the Corporation's registered agent in the manner provided in this section.
Section 4. Chapter 11, Title 12, Delaware Code, is hereby amended by adding a new §1195 thereto to read as follows:
§1195. Effective failure to report
Nothing in this subchapter shall prevent the State Escheator from making claim to any fund, to which the State would otherwise be entitled, because it has not been reported in accordance with the provisions of this subchapter.
Approved March 27, 1974.