(a)  Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this chapter, including the proceeds from the sale of abandoned property under § 33-21.1-22. The administrator shall retain in a separate bank account an amount not less than one hundred thousand dollars ($100,000) from which prompt payment of claims duly allowed must be made by him or her. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number and the name of the company. The record with the exception of the amount due must be available for public inspection at all reasonable business hours.

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Terms Used In Rhode Island General Laws 33-21.1-23

  • Administrator: means the general treasurer or his or her designee, including agents hired for the express purpose of auditing, assessing and collecting unclaimed property. See Rhode Island General Laws 33-21.1-1
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Insurance company: means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance; but not including a nonprofit corporation organized pursuant to chapters 19, 20, 20. See Rhode Island General Laws 33-21.1-1
  • Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Rhode Island General Laws 33-21.1-1
  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 33-21.1-1
  • State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Rhode Island General Laws 33-21.1-1

(b)  Before making any transfer from the account surplus to the credit of the general fund, the administrator may deduct:

(1)  Any costs in connection with the sale of abandoned property;

(2)  Costs of mailing and publication in connection with any abandoned property;

(3)  Reasonable service charges;

(4)  Costs incurred in examining records of holders of property and in collecting the property from those holders; and

(5)  Any other charges, costs or expenses incurred in the administration of this chapter.

History of Section.
P.L. 1986, ch. 500, § 3; P.L. 1987, ch. 246, § 1; P.L. 1988, ch. 110, § 1; P.L. 1992, ch. 133, art. 86, § 2; P.L. 1993, ch. 138, art. 7, § 1; P.L. 1994, ch. 427, § 4.