35 IAC 14-3-5 Automatic distribution of ASA assets

Sec. 5. (a) Whenever a member is suspended pursuant to IC 5-10.2-3-5(c), the fund shall conduct an investigation to locate the member. (b) Reasonable costs of locating the member may be charged against the member's ASA. (c) Pursuant to IC 5-10.2-3-6(d), whenever a valid address can be determined for the member, the fund shall automatically make a lump-sum distribution to the member from the member's ASA not to exceed one thousand dollars ($1,000). (d) Contemporaneously with the distribution, the fund shall serve notice to the member explaining the reason for the distribution. (e) Pursuant to IC 5-10.2-3-6(b), if the member is not located and does not claim his monies within five (5) years after suspension, the monies shall be credited to the fund and the fund shall retain the monies until the member or the member's beneficiary claims them with no further interest credits or earnings after the monies are credited to the fund.