§ 33-21.1-23 - Deposit of funds. - Rhode-island Statutes

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Statutes > Rhode-island > Title-33 > Chapter-33-21-1 > 33-21-1-23

SECTION 33-21.1-23

§ 33-21.1-23 Deposit of funds. – (a) Except as otherwise provided by this section, the administrator shallpromptly deposit in the general fund of this state all funds received underthis chapter, including the proceeds from the sale of abandoned property under§ 33-21.1-22. The administrator shall retain in a separate bank account anamount not less than one hundred thousand dollars ($100,000) from which promptpayment of claims duly allowed must be made by him or her. Before making thedeposit, the administrator shall record the name and last known address of eachperson appearing from the holders' reports to be entitled to the property andthe name and last known address of each insured person or annuitant andbeneficiary and with respect to each policy or contract listed in the report ofan insurance company its number and the name of the company. The record withthe exception of the amount due must be available for public inspection at allreasonable business hours.

(b) Before making any transfer from the account surplus tothe credit of the general fund, the administrator may deduct:

(1) Any costs in connection with the sale of abandonedproperty;

(2) Costs of mailing and publication in connection with anyabandoned property;

(3) Reasonable service charges;

(4) Costs incurred in examining records of holders ofproperty and in collecting the property from those holders; and

(5) Any other charges, costs or expenses incurred in theadministration of this chapter.

State Codes and Statutes

Statutes > Rhode-island > Title-33 > Chapter-33-21-1 > 33-21-1-23

SECTION 33-21.1-23

§ 33-21.1-23 Deposit of funds. – (a) Except as otherwise provided by this section, the administrator shallpromptly deposit in the general fund of this state all funds received underthis chapter, including the proceeds from the sale of abandoned property under§ 33-21.1-22. The administrator shall retain in a separate bank account anamount not less than one hundred thousand dollars ($100,000) from which promptpayment of claims duly allowed must be made by him or her. Before making thedeposit, the administrator shall record the name and last known address of eachperson appearing from the holders' reports to be entitled to the property andthe name and last known address of each insured person or annuitant andbeneficiary and with respect to each policy or contract listed in the report ofan insurance company its number and the name of the company. The record withthe exception of the amount due must be available for public inspection at allreasonable business hours.

(b) Before making any transfer from the account surplus tothe credit of the general fund, the administrator may deduct:

(1) Any costs in connection with the sale of abandonedproperty;

(2) Costs of mailing and publication in connection with anyabandoned property;

(3) Reasonable service charges;

(4) Costs incurred in examining records of holders ofproperty and in collecting the property from those holders; and

(5) Any other charges, costs or expenses incurred in theadministration of this chapter.

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State Codes and Statutes

Statutes > Rhode-island > Title-33 > Chapter-33-21-1 > 33-21-1-23

SECTION 33-21.1-23

§ 33-21.1-23 Deposit of funds. – (a) Except as otherwise provided by this section, the administrator shallpromptly deposit in the general fund of this state all funds received underthis chapter, including the proceeds from the sale of abandoned property under§ 33-21.1-22. The administrator shall retain in a separate bank account anamount not less than one hundred thousand dollars ($100,000) from which promptpayment of claims duly allowed must be made by him or her. Before making thedeposit, the administrator shall record the name and last known address of eachperson appearing from the holders' reports to be entitled to the property andthe name and last known address of each insured person or annuitant andbeneficiary and with respect to each policy or contract listed in the report ofan insurance company its number and the name of the company. The record withthe exception of the amount due must be available for public inspection at allreasonable business hours.

(b) Before making any transfer from the account surplus tothe credit of the general fund, the administrator may deduct:

(1) Any costs in connection with the sale of abandonedproperty;

(2) Costs of mailing and publication in connection with anyabandoned property;

(3) Reasonable service charges;

(4) Costs incurred in examining records of holders ofproperty and in collecting the property from those holders; and

(5) Any other charges, costs or expenses incurred in theadministration of this chapter.