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- Alaska Statutes.
- Title 21. Insurance
- Chapter 78. Rehabilitation and Liquidation
- Section 295. Unclaimed and Withheld Money.
previous: Section 294
. Distribution of Assets.
next: Section 296
. Termination of Proceedings.
AS 21.78.295. Unclaimed and Withheld Money.
- (a) All unclaimed money that is subject to distribution and remains in the receiver's hands when the receiver is ready to
apply to the court for discharge, including the amount distributable to a creditor, shareholder, member, or other
person who is unknown and cannot be found, shall be deposited with the Department of Revenue and shall be paid, without
interest, to the person entitled to receive it or to the person's legal representative upon proof satisfactory to the
Department of Revenue of the person's right to it. Notwithstanding the provisions of AS 34.45, an amount on deposit with the Department of Revenue that is
not claimed within six years after the discharge of the receiver is considered to be abandoned and shall, without
further proceedings, be deposited in the general fund.
- (b) All money retained for claims described in AS 21.78.280
and not distributed, shall, upon discharge of the receiver, be deposited with the Department of Revenue and paid in
accordance with AS 21.78.260
. Any amount remaining that, under AS 21.78.260
, would revert to the undistributed assets of the insurer, shall be transferred to the Department of Revenue.
Remaining amounts become the property of the state under (a) of this section, unless the director, in the director's
discretion, petitions the court to reopen the liquidation under AS 21.78.297.
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