§ 556.3

556.3 Unclaimed funds held by life insurance corporations. 1. 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 therecords of the corporation, of the person entitled to the funds is within this state. If aperson other than the insured or annuitant is entitled to the funds and no address of suchperson is known to the corporation or if it is not definite and certain from the records of thecorporation what person is entitled to the funds, it is presumed that the last known addressof the person entitled to the funds is the same as the last known address of the insured orannuitant according to the records of the corporation. 2. '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 moneysbecame due and payable as established from the records of the corporation under any lifeor endowment insurance policy or annuity contract which has matured or terminated. A lifeinsurance policy not matured by actual proof of the death of the insured is deemed to bematured and the

ny lifeor endowment insurance policy or annuity contract which has matured or terminated. A lifeinsurance policy not matured by actual proof of the death of the insured is deemed to bematured and the proceeds thereof are deemed to be due and payable if the policy was in forcewhen the insured attained the limiting age under the mortality table on which the reserve isbased and shall be presumed abandoned and to be unclaimed funds as defined in this sectionif unclaimed and unpaid for more than two years thereafter, unless the person appearingentitled thereto has within the two-year period assigned, readjusted, or paid premiums onthe policy, or subjected the policy to loan or corresponded in writing with the life insurancecorporation concerning the policy. Moneys otherwise payable according to the records ofthe corporation are deemed due and payable although the policy or contract has not beensurrendered as required. [C71, 73, 75, 77, 79, 81, §556.3]84 Acts, ch 1295, §8; 91 Acts, ch 267, §626 Sat Dec 23 11:04:22 2023 Iowa Code 2024, Section 556.3 (18, 0)