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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 55.1. Property and Conveyances |
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SUBTITLE V. Miscellaneous |
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CHAPTER 25. Virginia Disposition of Unclaimed Property Act |
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ARTICLE 1. Definitions; Property Abandoned or Assumed Abandoned |
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SECTION 55.1-2509. Unclaimed demutualization proceeds |
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Unclaimed property payable or distributable in the course of the demutualization of an insurance company is presumed abandoned five years after the earlier of (i) the date of last contact with the policyholder or (ii) the date the property became payable or distributable. The report filed on November 1, 2003 will include demutualization distribution property for which there has been no policyholder contact for the five years prior to June 30, 2003. |