Property payable or distributable in the course of demutualization of insurance company; abandonment

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. This section does not apply to amounts due and owing to the State or a political subdivision of the State.