SENATE AMENDMENT
Bill No. SB 594
Amendment No. ___ Barcode 932302
CHAMBER ACTION
Senate House
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04/29/2003 03:29 PM .
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11 Senator Posey moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 1, between lines 26 and 27,
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16 insert:
17 Section 2. Section 717.1071, Florida Statutes, is
18 created to read:
19 717.1071 Lost owners of unclaimed demutualization,
20 rehabilitation, or related reorganization proceeds.--
21 (1) Property distributable in the course of a
22 demutualization, rehabilitation, or related reorganization of
23 an insurance company is deemed abandoned 2 years after the
24 date the property is first distributable if, at the time of
25 the first distribution, the last known address of the owner on
26 the books and records of the holder is known to be incorrect
27 or the distribution or statements are returned by the post
28 office as undeliverable; and the owner has not communicated in
29 writing with the holder or its agent regarding the interest or
30 otherwise communicated with the holder regarding the interest
31 as evidenced by a memorandum or other record on file with the
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12:53 PM 04/29/03 s0594c-24e0a
SENATE AMENDMENT
Bill No. SB 594
Amendment No. ___ Barcode 932302
1 holder or its agent.
2 (2) Property distributable in the course of
3 demutualization, rehabilitation, or related reorganization of
4 a mutual insurance company that is not subject to subsection
5 (1) shall be reportable as otherwise provided by this chapter.
6 (3) Property subject to this section shall be reported
7 and delivered no later than May 1 as of the preceding December
8 31, however the initial report under this section shall be
9 filed no later than November 1, 2003, as of December 31, 2002.
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11 (Redesignate subsequent sections.)
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15 And the title is amended as follows:
16 On page 1, line 2, delete that line
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18 and insert:
19 An act relating to insurance; creating s.
20 717.1071, F.S.; providing procedures,
21 requirements, and limitations on lost owners of
22 certain unclaimed insurance entity activity
23 proceeds;
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