§ 507c-45

507C.45 Unclaimed and withheld funds. 1. Unclaimed funds subject to distribution remaining in the liquidator’s hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to acreditor, shareholder, member, or other person who is unknown or cannot be found, shall bedeposited with the state treasurer, and shall be paid without interest, except in accordancewith section 507C.42, to the person entitled or the person’s legal representative upon proofsatisfactory to the state treasurer of the right to the funds. An amount on deposit not claimedwithin six years from the discharge of the liquidator is deemed to have been abandoned andshall become the property of the state without formal escheat proceedings and be depositedwith the general fund. 2. Funds withheld under section 507C.37 and not distributed shall upon discharge of the liquidator be deposited with the state treasurer and paid in accordance with section 507C.42.Sums remaining which under section 507C.42 would revert to the undistributed assets of theinsurer shall be transferred to the state treasurer and become the property of the state undersubsection 1, unless the commissioner in

r section 507C.42 would revert to the undistributed assets of theinsurer shall be transferred to the state treasurer and become the property of the state undersubsection 1, unless the commissioner in the commissioner’s discretion petitions the court toreopen the liquidation under section 507C.47. 3. Notwithstanding any other provision of this chapter, funds as identified in subsection 1, with the approval of the court, shall be made available to the commissioner for use in thedetection and prevention of future insolvencies. The commissioner shall hold these fundsand shall pay without interest, except as provided in section 507C.42, to the person entitledto the funds or the person’s legal representative upon proof satisfactory to the commissionerof the person’s right to the funds. The funds shall be held by the commissioner for a periodof two years at which time the rights and duties to the unclaimed funds shall vest in thecommissioner. 84 Acts, ch 1175, §45; 92 Acts, ch 1117, §30 Sat Dec 23 00:39:56 2023 Iowa Code 2024, Section 507C.45 (17, 0)