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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-18-85 SO AS TO PROVIDE FOR TREATMENT OF UNCLAIMED PROPERTY PAYABLE OR DISTRIBUTABLE IN THE COURSE OF THE DEMUTUALIZATION OF AN INSURANCE COMPANY AS ABANDONED IN FIVE YEARS; AND TO AMEND SECTION 27-18-180, AS AMENDED, RELATING TO REPORTS OF UNCLAIMED PROPERTY, SO AS TO REQUIRE THE FILING OF A REPORT OF UNCLAIMED DEMUTUALIZATION PROCEEDS BEFORE MAY FIRST.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 18, Title 27 of the 1976 Code is amended by adding:
"Section 27-18-85. Unclaimed property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned five years after the earlier of the date:
(1) of last contact with the policyholder; or
(2) the property became payable or distributable."
SECTION 2. Section 27-18-180(D) of the 1976 Code, as last amended by Act 248 of 1996, is further amended to read:
"(D) The report must be filed before November first of each year as of June thirtieth, next preceding; except that the report of unclaimed demutualization proceeds made pursuant to Section 27-18-85 must be filed before May first of each year as of December thirty-first next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date."
SECTION 3. This act takes effect upon approval by the Governor.
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