SB756,59 Section 59. 177.0212 of the statutes is created to read:

SB756,28,9 177.0212 Deposit account for proceeds of insurance policy or annuity contract. If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held and the policy or contract includes the assets in the account, the assets in the account are subject to the same presumption of abandonment that is applied to the underlying policy or contract.

SB756,60 Section 60. 177.0214 of the statutes is created to read:

SB756,28,13 177.0214 Distributions by certain insurance company activities. (1) Subject to s. 177.0210, property distributable in the course of a demutualization of an insurance company is presumed abandoned.

SB756,28,16 (2) Subject to s. 177.0210, property distributable in the course of the dissolution of the Health Insurance Risk-Sharing Plan under 2013 Wisconsin Act 20, section 9122 (1L), and 2013 Wisconsin Act 116, section 32 (1) (b), is presumed abandoned.

SB756,61 Section 61. 177.03 of the statutes is repealed.

SB756,62 Section 62 . Subchapter III (title) of chapter 177 [precedes 177.0301] of the statutes is created to read:

SB756,28,20 CHAPTER 177

SB756,28,21 SUBCHAPTER III

SB756,28,22 taking custody of property

SB756,28,23 presumed abandoned

SB756,63 Section 63. 177.0301 of the statutes is created to read:

SB756,29,5 177.0301 Address of apparent owner to establish priority. (1) The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not sufficient to direct the delivery of 1st class mail to the apparent owner.

SB756,29,9 (2) If the zip code associated with the apparent owner is for a post office located in this state, this state is deemed to be the state of the last-known address of the apparent owner unless other records associated with the apparent owner specifically identify the physical address of the apparent owner to be in another state.

SB756,29,11 (3) If the address under sub. (2) is in another state, the other state is deemed to be the state of the last-known address of the apparent owner.

SB756,29,16 (4) The address of the apparent owner of a life or endowment insurance policy or annuity contract or its proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under s. 177.0302.

SB756,64 Section 64. 177.0302 of the statutes is created to read:

SB756,29,21 177.0302 Address of apparent owner in this state. Unless otherwise provided in this chapter or by another law of this state, if property is presumed abandoned, the property is subject to reporting to and custody of this state whether located in this state, another state, or a foreign country if any of the following applies:

SB756,29,23 (1) The last-known address of the apparent owner in the records of the holder is in this state.

SB756,30,3 (2) The records of the holder do not reflect the identity or last-known address of the apparent owner, but the administrator has determined that the last-known address of the apparent owner is in this state.

SB756,30,6 (3) The records of the holder do not reflect the identity of the apparent owner, but the records of the holder do reflect that the last-known address of the apparent owner is in this state.

SB756,65 Section 65. 177.0303 of the statutes is created to read:

SB756,30,13 177.0303 If records show multiple addresses of apparent owner. (1) Except as provided in sub. (2), if records of a holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, the property is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned, whether located in this state or another state.

SB756,30,18 (2) If it appears from records of the holder that the most recently recorded address of the apparent owner under sub. (1) is a temporary address and this state is the state of the next most recently recorded address that is not a temporary address, the property is subject to reporting to and custody of this state and the administrator may take custody of the property presumed abandoned.

SB756,66 Section 66. 177.0304 of the statutes is created to read:

SB756,30,25 177.0304 Holder domiciled in this state. (1) Except as provided in sub. (2) or s. 177.0302 or 177.0303, property presumed abandoned is subject to reporting to and custody of this state and the administrator may take custody of property presumed abandoned, whether located in this state, another state, or a foreign country, if the holder is domiciled in this state or is this state or a governmental subdivision, agency, or instrumentality of this state, and any of the following applies:

SB756,31,3 (a) Another state or foreign country is not entitled to the property because there is no last-known address of the apparent owner or other person entitled to the property in the records of the holder.

SB756,31,6 (b) The state or foreign country of the last-known address of the apparent owner or other person entitled to the property does not provide for custodial taking of the property.

SB756,31,9 (2) Property is not subject to the custody of the administrator under sub. (1) if the property is specifically exempt from custodial taking under the laws of this state or the state or foreign country of the last-known address of the apparent owner.