ORS 98.314
Unclaimed funds held by insurance companies


(1)

Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than three years after the funds become due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (3)(b)(A) of this section is presumed abandoned if unclaimed for more than two years.

(2)

If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.

(3)

For purposes of ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436), a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:

(a)

The company knows that the insured or annuitant has died; or

(b)

All of the following are true:

(A)

The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve is based.

(B)

The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (A) of this paragraph.

(C)

Neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.

(4)

For purposes of ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436), the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (1) of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the policy before the depletion of the cash surrender value of a policy by the application of those provisions.

(5)

If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder’s correct address to which the notice must be mailed.

(6)

Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.

(7)

Commencing two years after August 3, 1983, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:

(a)

The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;

(b)

The address of each beneficiary; and

(c)

The relationship of each beneficiary to the insured. [1983 c.716 §32; 2007 c.539 §3]

Source: Section 98.314 — Unclaimed funds held by insurance companies, https://www.­oregonlegislature.­gov/bills_laws/ors/ors098.­html.

98.005
Rights and duties of finder of money or goods
98.015
Liability of noncomplying finder
98.025
Rights of owner
98.045
Applicability to unclaimed prepaid transportation cards
98.050
Finder’s reports
98.110
Record to be kept by consignee or bailee of property
98.120
Notice to owner of receipt of property by consignee or bailee
98.130
Right of custodian to sell property
98.140
Notice of sale
98.150
Affidavit by custodian when no response to notice
98.160
Inventory and order to sell
98.170
Sale
98.180
Delivery of proceeds to justice
98.190
Disposal of proceeds by justice
98.200
Procedure by county treasurer
98.210
Payment to person proving ownership
98.230
Sale of perishable property
98.240
Fees allowed to justice of peace and constable or sheriff
98.245
Disposition of unclaimed property
98.302
Definitions for ORS 98.302 to 98.436
98.304
Intangible property subject to custody of state
98.308
Intangible property held by financial institution
98.309
Traveler’s check or money order presumed abandoned
98.311
Service charge on unclaimed property
98.314
Unclaimed funds held by insurance companies
98.316
Deposits and refunds held by utilities
98.319
U.S. savings bonds presumed abandoned
98.322
Intangible equity ownership interests in business associations
98.326
Property of business associations or financial institutions held in the course of dissolution
98.328
Property held in safe deposit box
98.329
Delivery of property before presumed abandoned
98.332
Property held by fiduciaries
98.334
Unpaid wages unclaimed by owner
98.336
Property held by government and public authorities
98.338
Credit memo unclaimed by owner
98.342
Miscellaneous personal property held for another person
98.346
Reciprocity for property presumed abandoned or escheated under the laws of another state
98.348
Recovery of abandoned property by another state
98.352
Report of abandoned property
98.353
Information on filing report
98.354
Records of ownership or issuance of instruments to be maintained
98.356
Notice and publication of lists of unclaimed property
98.362
Delivery of certificate of ownership of intangible equity ownership interest
98.366
Relief from liability by payment or delivery
98.372
Income accruing after payment or delivery
98.376
Periods of limitation not a bar
98.379
Retention of abandoned military medals
98.382
Sale of abandoned and unclaimed property
98.384
Destruction or disposition of unclaimed property
98.386
Deposit of funds
98.389
Unclaimed Property and Estates Fund
98.392
Claiming unclaimed property
98.396
Determination of claim
98.402
Hearing on claim
98.412
Verified report
98.416
Proceeding to compel delivery of unclaimed property
98.422
Rules
98.424
Agreements with other states
98.432
Uniformity of interpretation
98.436
Short title
98.450
Unordered goods presumed gifts
98.470
Definitions for ORS 98.470 to 98.490
98.475
Molder may take title to unclaimed mold
98.480
Notice to customer
98.485
Duty to make mold unusable when title not taken
98.490
Effect of written agreement between molder and customer
98.515
Unauthorized appropriation of shopping carts
98.520
Notice of crime of unauthorized appropriation of shopping carts
98.640
Owner’s duty to remove trees, logs, poles or piling deposited on state highways
98.642
Effect of failure to remove trees, logs, poles or piling
98.644
ORS 98.640 and 98.642 inapplicable to certain trees, logs, poles or piling
98.650
Owner’s duty to remove trees, logs, poles or piling deposited on county roads
98.652
Effect of failure to remove trees, logs, poles or piling
98.654
ORS 98.650 and 98.652 inapplicable to certain trees, logs, poles or piling and to certain county roads
98.805
Definitions for ORS 98.810 to 98.818, 98.830 and 98.840
98.810
Unauthorized parking of vehicle on proscribed property prohibited
98.811
Notice of parking violation
98.812
Towing of unlawfully parked vehicle
98.818
Preference of lien
98.820
Towing vehicle from fuel dispensary premises
98.830
Towing abandoned vehicle from private property
98.840
Towing vehicle alternative to procedure in ORS 98.810 to 98.818
98.850
Legislative findings and declaration
98.852
Definitions for ORS 98.853 to 98.862
98.853
Conditions allowing towing
98.854
Prohibitions placed on tower
98.856
Tower responsibility of disclosure to owner or operator of vehicle
98.857
Recovery of stolen vehicle
98.858
Right of owner or person in lawful possession of vehicle to redeem or inspect vehicle, contact tower and obtain property of emergency nature
98.859
Maximum rates for towing
98.860
Conditions for release of vehicle to insurance company undertaking to adjust claim
98.861
Licenses for towing
98.862
Exceptions to requirements of ORS 98.856
98.991
Penalties relating to unclaimed property
98.992
Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436
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