State Codes and Statutes

Statutes > Texas > Insurance-code > Title-7-life-insurance-and-annuities > Chapter-1109-unclaimed-life-insurance-and-annuity-contract-proceeds

INSURANCE CODE

TITLE 7. LIFE INSURANCE AND ANNUITIES

SUBTITLE A. LIFE INSURANCE IN GENERAL

CHAPTER 1109. UNCLAIMED LIFE INSURANCE AND ANNUITY CONTRACT

PROCEEDS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1109.001. APPLICABILITY OF CHAPTER. (a) This chapter

applies to proceeds held and owing by a life insurance company

engaged in the business of insurance in this state if:

(1) the last known address, according to the company's records,

of the person entitled to the proceeds is located in this state;

and

(2) the proceeds have been unclaimed and unpaid for at least

three years after the date, according to the company's records,

that the proceeds became due and payable under a life or

endowment insurance policy or annuity contract that has matured

or terminated.

(b) If a person other than the insured or annuitant is entitled

to the proceeds and that person's address is not known to the

company or if the identity of the person entitled to the proceeds

is not certain from the company's records, it is presumed that

the last known address of the person entitled to the proceeds is

the same as the last known address of the insured or annuitant

according to the company's records.

(c) For purposes of Subsection (a), a life insurance policy not

matured by proof of the death of the insured is considered to be

matured and the proceeds of the policy are considered to be due

and payable only if the policy is in force at the time the

insured attained the limiting age under the mortality table on

which the reserve is based.

(d) An annuity or other obligation, the payment of which is

conditioned on the continued life of any individual, is not

considered due and payable for purposes of Subsection (a) without

proof that the individual was alive at the time or times required

by the contract.

(e) Proceeds otherwise admittedly due and payable under a life

or endowment insurance policy or annuity contract that has

matured or terminated are considered to be held and owing even if

the policy or contract has not been surrendered as required.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.002. ADMINISTRATION AND ENFORCEMENT; RULES. (a) This

chapter shall be enforced in the manner provided for enforcement

of Chapter 74, Property Code, under Subchapter H of that chapter.

(b) The comptroller may adopt rules necessary to administer this

chapter.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.003. APPROPRIATIONS TO ADMINISTER CHAPTER. To enforce

and administer this chapter, the legislature may appropriate

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER B. DELIVERY OF PROCEEDS TO STATE

Sec. 1109.051. COMPANY REPORT OF UNCLAIMED PROCEEDS. (a) A

life insurance company engaged in the business of insurance in

this state that on June 30 holds unclaimed proceeds subject to

this chapter shall file a report of those proceeds on or before

the following November 1. The report shall be filed in writing

with the comptroller.

(b) The report is not required to include proceeds that have

been paid to another state or other jurisdiction under any law of

that state or jurisdiction relating to escheat or unclaimed

money.

(c) The report must be signed and sworn to by an officer of the

company and must state:

(1) in alphabetical order the full name of the insured or

annuitant, the last known address of the insured or annuitant

according to the company's records, and the policy or contract

number;

(2) the amount due on the policy or contract according to the

company's records;

(3) the date the proceeds became payable;

(4) the name and last known address of each beneficiary or other

person who, according to the company's records, may have an

interest in the proceeds; and

(5) any other identifying information the comptroller requires.

(d) A life insurance company may report individual amounts of

less than $50 in the aggregate without providing the information

listed by Subsection (c).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.052. DELIVERY OF PROCEEDS TO COMPTROLLER. A life

insurance company required to file a report under Section

1109.051 shall deliver to the comptroller with the report all

unclaimed proceeds described by the report.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.053. RETENTION OF RECORDS BY INSURANCE COMPANY. (a)

A life insurance company required to file a report under Section

1109.051 shall maintain a record of:

(1) the name and last known address, if any, of the insured,

annuitant, or beneficiary;

(2) the policy or contract number; and

(3) the amount of the proceeds due on the policy or contract

according to the company's records.

(b) The company shall maintain the record until at least the

10th anniversary of the date the proceeds are required to be

reported, regardless of whether the amount was reported in the

aggregate. The comptroller by rule may provide for a shorter

retention period for the record.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.054. PUBLIC RECORD OF RECEIPT OF PROCEEDS. (a) The

comptroller shall maintain in the comptroller's office a public

record of each delivery of unclaimed proceeds received under this

chapter.

(b) Except as to amounts reported in the aggregate, the record

must include:

(1) in alphabetical order, the name and last known address of

each insured or annuitant and of each beneficiary or other person

who, according to the life insurance company's reports, may have

an interest in the proceeds; and

(2) with respect to each policy or contract, the policy or

contract number, the name of the company, and the amount of the

unclaimed proceeds.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.055. STATE RESPONSIBILITY FOR PROCEEDS;

INDEMNIFICATION OF COMPANY. (a) On the delivery of unclaimed

proceeds under this chapter:

(1) the state assumes custody of the proceeds for the benefit of

each person entitled to receive the proceeds and for the

safekeeping of the proceeds; and

(2) the life insurance company is relieved of and held harmless

by the state from any liability relating to the proceeds for a

claim existing at the time of delivery of the proceeds to the

comptroller or that arises or is made after delivery of the

proceeds.

(b) A life insurance company that delivers proceeds to the

comptroller under this chapter in good faith is relieved of

liability relating to the proceeds to the extent of the value of

the proceeds delivered for a claim existing at the time of

delivery or that arises or is made after delivery.

(c) If a life insurance company delivers unclaimed proceeds to

the comptroller under this chapter in good faith and, after

delivery, a person claims the proceeds from the life insurance

company or another state claims the proceeds under its laws

relating to escheat or unclaimed property, the attorney general

shall, on written notice of the claim, defend the life insurance

company against the claim. The life insurance company shall be

indemnified against liability on the claim from the unclaimed

money received under Chapter 74, Property Code, or under any

other statute requiring delivery of unclaimed property to the

comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.056. EXAMINATION OF COMPANY RECORDS. (a) The

comptroller may examine the records of a life insurance company

to determine if the company is complying with this chapter.

(b) The comptroller may not make public any information obtained

from an examination made under this section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER C. PUBLIC NOTICE

Sec. 1109.101. PUBLIC NOTICE OF UNCLAIMED PROCEEDS. (a) In the

calendar year following the year in which a report required by

Section 1109.051 is made and in which the unclaimed proceeds

described in the report are delivered to the comptroller under

Section 1109.052, the comptroller may publish notice based on the

information contained in the report. Except as provided by

Subsection (d), the comptroller shall publish the notice once in

a newspaper published or having a general circulation in each

county of this state in which the last known address of a person

appearing to be entitled to any of those proceeds is located.

(b) The notice must:

(1) state in alphabetical order the name of each insured or

annuitant under the policies or contracts and the municipality of

the insured's or annuitant's last known address, if any; and

(2) state that the unclaimed proceeds have been delivered to the

comptroller as of the preceding November 1 and may be claimed

from the comptroller.

(c) The publication requirements under Subchapter C, Chapter 74,

Property Code, apply to publication of notice under this section.

(d) The comptroller may use a method of publishing notice

different from that prescribed by Subsection (a) if the

comptroller determines that the different method would be as

likely to give actual notice to the person required to be named

in the notice as the method prescribed by Subsection (a).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER D. CLAIMS FOR PROCEEDS

Sec. 1109.151. FILING OF CLAIM. A person claiming to be

entitled to unclaimed proceeds delivered to the comptroller under

this chapter may at any time file a claim for the proceeds with

the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.152. DETERMINATION OF CLAIM. The comptroller may

accept or reject a claim made under Section 1109.151.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.153. APPEAL. (a) If the comptroller rejects a claim

made under Section 1109.151 or does not act on a claim before the

91st day after the date the claim is filed, the claimant may file

suit to recover the proceeds.

(b) The comptroller is the defendant in a suit filed under this

section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.154. PAYMENT OF CLAIM. The comptroller shall pay from

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller, a claim that:

(1) the comptroller accepts; or

(2) a court orders the comptroller to pay.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

State Codes and Statutes

Statutes > Texas > Insurance-code > Title-7-life-insurance-and-annuities > Chapter-1109-unclaimed-life-insurance-and-annuity-contract-proceeds

INSURANCE CODE

TITLE 7. LIFE INSURANCE AND ANNUITIES

SUBTITLE A. LIFE INSURANCE IN GENERAL

CHAPTER 1109. UNCLAIMED LIFE INSURANCE AND ANNUITY CONTRACT

PROCEEDS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1109.001. APPLICABILITY OF CHAPTER. (a) This chapter

applies to proceeds held and owing by a life insurance company

engaged in the business of insurance in this state if:

(1) the last known address, according to the company's records,

of the person entitled to the proceeds is located in this state;

and

(2) the proceeds have been unclaimed and unpaid for at least

three years after the date, according to the company's records,

that the proceeds became due and payable under a life or

endowment insurance policy or annuity contract that has matured

or terminated.

(b) If a person other than the insured or annuitant is entitled

to the proceeds and that person's address is not known to the

company or if the identity of the person entitled to the proceeds

is not certain from the company's records, it is presumed that

the last known address of the person entitled to the proceeds is

the same as the last known address of the insured or annuitant

according to the company's records.

(c) For purposes of Subsection (a), a life insurance policy not

matured by proof of the death of the insured is considered to be

matured and the proceeds of the policy are considered to be due

and payable only if the policy is in force at the time the

insured attained the limiting age under the mortality table on

which the reserve is based.

(d) An annuity or other obligation, the payment of which is

conditioned on the continued life of any individual, is not

considered due and payable for purposes of Subsection (a) without

proof that the individual was alive at the time or times required

by the contract.

(e) Proceeds otherwise admittedly due and payable under a life

or endowment insurance policy or annuity contract that has

matured or terminated are considered to be held and owing even if

the policy or contract has not been surrendered as required.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.002. ADMINISTRATION AND ENFORCEMENT; RULES. (a) This

chapter shall be enforced in the manner provided for enforcement

of Chapter 74, Property Code, under Subchapter H of that chapter.

(b) The comptroller may adopt rules necessary to administer this

chapter.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.003. APPROPRIATIONS TO ADMINISTER CHAPTER. To enforce

and administer this chapter, the legislature may appropriate

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER B. DELIVERY OF PROCEEDS TO STATE

Sec. 1109.051. COMPANY REPORT OF UNCLAIMED PROCEEDS. (a) A

life insurance company engaged in the business of insurance in

this state that on June 30 holds unclaimed proceeds subject to

this chapter shall file a report of those proceeds on or before

the following November 1. The report shall be filed in writing

with the comptroller.

(b) The report is not required to include proceeds that have

been paid to another state or other jurisdiction under any law of

that state or jurisdiction relating to escheat or unclaimed

money.

(c) The report must be signed and sworn to by an officer of the

company and must state:

(1) in alphabetical order the full name of the insured or

annuitant, the last known address of the insured or annuitant

according to the company's records, and the policy or contract

number;

(2) the amount due on the policy or contract according to the

company's records;

(3) the date the proceeds became payable;

(4) the name and last known address of each beneficiary or other

person who, according to the company's records, may have an

interest in the proceeds; and

(5) any other identifying information the comptroller requires.

(d) A life insurance company may report individual amounts of

less than $50 in the aggregate without providing the information

listed by Subsection (c).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.052. DELIVERY OF PROCEEDS TO COMPTROLLER. A life

insurance company required to file a report under Section

1109.051 shall deliver to the comptroller with the report all

unclaimed proceeds described by the report.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.053. RETENTION OF RECORDS BY INSURANCE COMPANY. (a)

A life insurance company required to file a report under Section

1109.051 shall maintain a record of:

(1) the name and last known address, if any, of the insured,

annuitant, or beneficiary;

(2) the policy or contract number; and

(3) the amount of the proceeds due on the policy or contract

according to the company's records.

(b) The company shall maintain the record until at least the

10th anniversary of the date the proceeds are required to be

reported, regardless of whether the amount was reported in the

aggregate. The comptroller by rule may provide for a shorter

retention period for the record.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.054. PUBLIC RECORD OF RECEIPT OF PROCEEDS. (a) The

comptroller shall maintain in the comptroller's office a public

record of each delivery of unclaimed proceeds received under this

chapter.

(b) Except as to amounts reported in the aggregate, the record

must include:

(1) in alphabetical order, the name and last known address of

each insured or annuitant and of each beneficiary or other person

who, according to the life insurance company's reports, may have

an interest in the proceeds; and

(2) with respect to each policy or contract, the policy or

contract number, the name of the company, and the amount of the

unclaimed proceeds.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.055. STATE RESPONSIBILITY FOR PROCEEDS;

INDEMNIFICATION OF COMPANY. (a) On the delivery of unclaimed

proceeds under this chapter:

(1) the state assumes custody of the proceeds for the benefit of

each person entitled to receive the proceeds and for the

safekeeping of the proceeds; and

(2) the life insurance company is relieved of and held harmless

by the state from any liability relating to the proceeds for a

claim existing at the time of delivery of the proceeds to the

comptroller or that arises or is made after delivery of the

proceeds.

(b) A life insurance company that delivers proceeds to the

comptroller under this chapter in good faith is relieved of

liability relating to the proceeds to the extent of the value of

the proceeds delivered for a claim existing at the time of

delivery or that arises or is made after delivery.

(c) If a life insurance company delivers unclaimed proceeds to

the comptroller under this chapter in good faith and, after

delivery, a person claims the proceeds from the life insurance

company or another state claims the proceeds under its laws

relating to escheat or unclaimed property, the attorney general

shall, on written notice of the claim, defend the life insurance

company against the claim. The life insurance company shall be

indemnified against liability on the claim from the unclaimed

money received under Chapter 74, Property Code, or under any

other statute requiring delivery of unclaimed property to the

comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.056. EXAMINATION OF COMPANY RECORDS. (a) The

comptroller may examine the records of a life insurance company

to determine if the company is complying with this chapter.

(b) The comptroller may not make public any information obtained

from an examination made under this section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER C. PUBLIC NOTICE

Sec. 1109.101. PUBLIC NOTICE OF UNCLAIMED PROCEEDS. (a) In the

calendar year following the year in which a report required by

Section 1109.051 is made and in which the unclaimed proceeds

described in the report are delivered to the comptroller under

Section 1109.052, the comptroller may publish notice based on the

information contained in the report. Except as provided by

Subsection (d), the comptroller shall publish the notice once in

a newspaper published or having a general circulation in each

county of this state in which the last known address of a person

appearing to be entitled to any of those proceeds is located.

(b) The notice must:

(1) state in alphabetical order the name of each insured or

annuitant under the policies or contracts and the municipality of

the insured's or annuitant's last known address, if any; and

(2) state that the unclaimed proceeds have been delivered to the

comptroller as of the preceding November 1 and may be claimed

from the comptroller.

(c) The publication requirements under Subchapter C, Chapter 74,

Property Code, apply to publication of notice under this section.

(d) The comptroller may use a method of publishing notice

different from that prescribed by Subsection (a) if the

comptroller determines that the different method would be as

likely to give actual notice to the person required to be named

in the notice as the method prescribed by Subsection (a).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER D. CLAIMS FOR PROCEEDS

Sec. 1109.151. FILING OF CLAIM. A person claiming to be

entitled to unclaimed proceeds delivered to the comptroller under

this chapter may at any time file a claim for the proceeds with

the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.152. DETERMINATION OF CLAIM. The comptroller may

accept or reject a claim made under Section 1109.151.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.153. APPEAL. (a) If the comptroller rejects a claim

made under Section 1109.151 or does not act on a claim before the

91st day after the date the claim is filed, the claimant may file

suit to recover the proceeds.

(b) The comptroller is the defendant in a suit filed under this

section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.154. PAYMENT OF CLAIM. The comptroller shall pay from

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller, a claim that:

(1) the comptroller accepts; or

(2) a court orders the comptroller to pay.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.


State Codes and Statutes


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State Codes and Statutes

Statutes > Texas > Insurance-code > Title-7-life-insurance-and-annuities > Chapter-1109-unclaimed-life-insurance-and-annuity-contract-proceeds

INSURANCE CODE

TITLE 7. LIFE INSURANCE AND ANNUITIES

SUBTITLE A. LIFE INSURANCE IN GENERAL

CHAPTER 1109. UNCLAIMED LIFE INSURANCE AND ANNUITY CONTRACT

PROCEEDS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1109.001. APPLICABILITY OF CHAPTER. (a) This chapter

applies to proceeds held and owing by a life insurance company

engaged in the business of insurance in this state if:

(1) the last known address, according to the company's records,

of the person entitled to the proceeds is located in this state;

and

(2) the proceeds have been unclaimed and unpaid for at least

three years after the date, according to the company's records,

that the proceeds became due and payable under a life or

endowment insurance policy or annuity contract that has matured

or terminated.

(b) If a person other than the insured or annuitant is entitled

to the proceeds and that person's address is not known to the

company or if the identity of the person entitled to the proceeds

is not certain from the company's records, it is presumed that

the last known address of the person entitled to the proceeds is

the same as the last known address of the insured or annuitant

according to the company's records.

(c) For purposes of Subsection (a), a life insurance policy not

matured by proof of the death of the insured is considered to be

matured and the proceeds of the policy are considered to be due

and payable only if the policy is in force at the time the

insured attained the limiting age under the mortality table on

which the reserve is based.

(d) An annuity or other obligation, the payment of which is

conditioned on the continued life of any individual, is not

considered due and payable for purposes of Subsection (a) without

proof that the individual was alive at the time or times required

by the contract.

(e) Proceeds otherwise admittedly due and payable under a life

or endowment insurance policy or annuity contract that has

matured or terminated are considered to be held and owing even if

the policy or contract has not been surrendered as required.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.002. ADMINISTRATION AND ENFORCEMENT; RULES. (a) This

chapter shall be enforced in the manner provided for enforcement

of Chapter 74, Property Code, under Subchapter H of that chapter.

(b) The comptroller may adopt rules necessary to administer this

chapter.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.003. APPROPRIATIONS TO ADMINISTER CHAPTER. To enforce

and administer this chapter, the legislature may appropriate

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER B. DELIVERY OF PROCEEDS TO STATE

Sec. 1109.051. COMPANY REPORT OF UNCLAIMED PROCEEDS. (a) A

life insurance company engaged in the business of insurance in

this state that on June 30 holds unclaimed proceeds subject to

this chapter shall file a report of those proceeds on or before

the following November 1. The report shall be filed in writing

with the comptroller.

(b) The report is not required to include proceeds that have

been paid to another state or other jurisdiction under any law of

that state or jurisdiction relating to escheat or unclaimed

money.

(c) The report must be signed and sworn to by an officer of the

company and must state:

(1) in alphabetical order the full name of the insured or

annuitant, the last known address of the insured or annuitant

according to the company's records, and the policy or contract

number;

(2) the amount due on the policy or contract according to the

company's records;

(3) the date the proceeds became payable;

(4) the name and last known address of each beneficiary or other

person who, according to the company's records, may have an

interest in the proceeds; and

(5) any other identifying information the comptroller requires.

(d) A life insurance company may report individual amounts of

less than $50 in the aggregate without providing the information

listed by Subsection (c).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.052. DELIVERY OF PROCEEDS TO COMPTROLLER. A life

insurance company required to file a report under Section

1109.051 shall deliver to the comptroller with the report all

unclaimed proceeds described by the report.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.053. RETENTION OF RECORDS BY INSURANCE COMPANY. (a)

A life insurance company required to file a report under Section

1109.051 shall maintain a record of:

(1) the name and last known address, if any, of the insured,

annuitant, or beneficiary;

(2) the policy or contract number; and

(3) the amount of the proceeds due on the policy or contract

according to the company's records.

(b) The company shall maintain the record until at least the

10th anniversary of the date the proceeds are required to be

reported, regardless of whether the amount was reported in the

aggregate. The comptroller by rule may provide for a shorter

retention period for the record.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.054. PUBLIC RECORD OF RECEIPT OF PROCEEDS. (a) The

comptroller shall maintain in the comptroller's office a public

record of each delivery of unclaimed proceeds received under this

chapter.

(b) Except as to amounts reported in the aggregate, the record

must include:

(1) in alphabetical order, the name and last known address of

each insured or annuitant and of each beneficiary or other person

who, according to the life insurance company's reports, may have

an interest in the proceeds; and

(2) with respect to each policy or contract, the policy or

contract number, the name of the company, and the amount of the

unclaimed proceeds.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.055. STATE RESPONSIBILITY FOR PROCEEDS;

INDEMNIFICATION OF COMPANY. (a) On the delivery of unclaimed

proceeds under this chapter:

(1) the state assumes custody of the proceeds for the benefit of

each person entitled to receive the proceeds and for the

safekeeping of the proceeds; and

(2) the life insurance company is relieved of and held harmless

by the state from any liability relating to the proceeds for a

claim existing at the time of delivery of the proceeds to the

comptroller or that arises or is made after delivery of the

proceeds.

(b) A life insurance company that delivers proceeds to the

comptroller under this chapter in good faith is relieved of

liability relating to the proceeds to the extent of the value of

the proceeds delivered for a claim existing at the time of

delivery or that arises or is made after delivery.

(c) If a life insurance company delivers unclaimed proceeds to

the comptroller under this chapter in good faith and, after

delivery, a person claims the proceeds from the life insurance

company or another state claims the proceeds under its laws

relating to escheat or unclaimed property, the attorney general

shall, on written notice of the claim, defend the life insurance

company against the claim. The life insurance company shall be

indemnified against liability on the claim from the unclaimed

money received under Chapter 74, Property Code, or under any

other statute requiring delivery of unclaimed property to the

comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.056. EXAMINATION OF COMPANY RECORDS. (a) The

comptroller may examine the records of a life insurance company

to determine if the company is complying with this chapter.

(b) The comptroller may not make public any information obtained

from an examination made under this section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER C. PUBLIC NOTICE

Sec. 1109.101. PUBLIC NOTICE OF UNCLAIMED PROCEEDS. (a) In the

calendar year following the year in which a report required by

Section 1109.051 is made and in which the unclaimed proceeds

described in the report are delivered to the comptroller under

Section 1109.052, the comptroller may publish notice based on the

information contained in the report. Except as provided by

Subsection (d), the comptroller shall publish the notice once in

a newspaper published or having a general circulation in each

county of this state in which the last known address of a person

appearing to be entitled to any of those proceeds is located.

(b) The notice must:

(1) state in alphabetical order the name of each insured or

annuitant under the policies or contracts and the municipality of

the insured's or annuitant's last known address, if any; and

(2) state that the unclaimed proceeds have been delivered to the

comptroller as of the preceding November 1 and may be claimed

from the comptroller.

(c) The publication requirements under Subchapter C, Chapter 74,

Property Code, apply to publication of notice under this section.

(d) The comptroller may use a method of publishing notice

different from that prescribed by Subsection (a) if the

comptroller determines that the different method would be as

likely to give actual notice to the person required to be named

in the notice as the method prescribed by Subsection (a).

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

SUBCHAPTER D. CLAIMS FOR PROCEEDS

Sec. 1109.151. FILING OF CLAIM. A person claiming to be

entitled to unclaimed proceeds delivered to the comptroller under

this chapter may at any time file a claim for the proceeds with

the comptroller.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.152. DETERMINATION OF CLAIM. The comptroller may

accept or reject a claim made under Section 1109.151.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.153. APPEAL. (a) If the comptroller rejects a claim

made under Section 1109.151 or does not act on a claim before the

91st day after the date the claim is filed, the claimant may file

suit to recover the proceeds.

(b) The comptroller is the defendant in a suit filed under this

section.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.

Sec. 1109.154. PAYMENT OF CLAIM. The comptroller shall pay from

unclaimed money received under Chapter 74, Property Code, or

under any other statute requiring the delivery of unclaimed

property to the comptroller, a claim that:

(1) the comptroller accepts; or

(2) a court orders the comptroller to pay.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1,

2003.


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