HRS §431:15-335
What happens to unclaimed money when an insurer is liquidated
When an insurance company is liquidated, any money that cannot be given to the right owner is put into a state fund. If no one claims it within six years, it becomes the state's property. This section explains where that money goes.
creditors
The statute, as written — Unclaimed and withheld funds
(a) All unclaimed funds subject to distribution remaining in the liquidator's hands when the liquidator is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be deposited with the director of finance, and shall be paid without interest except in accordance with section 431:15-332 to the person entitled thereto or the person's legal representative upon proof satisfactory to the director of finance of the person's right thereto. Any amount on deposit not claimed within six years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited with the general fund. (b) All funds withheld under section 431:15-327 and not distributed, shall upon discharge of the liquidator be deposited with the compliance resolution fund and paid by the liquidator in accordance with section 431:15-332. Any sums remaining that under section 431:15-332 would revert to the undistributed assets of the insurer shall be transferred to the compliance resolution fund and become the property of the State under subsection (a), unless the commissioner in the commissioner's discretion petitions the court to reopen the liquidation under section 431:15-337.
Sections this one refers to
§431:15-327 Special claims in insurance liquidation
§431:15-332 Order for paying claims from an insolvent insurer
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.