(a) Property distributable in the course of demutualization, rehabilitation or related reorganization of an insurance company, shall be deemed abandoned 2 years after the date of the demutalization if, at the time of the demutualization:
(1)
(A) The last known address of the owner on the books and records of the holder is known to be incorrect;
(B) The distribution or statements are returned by the post office as undeliverable; or
(C) Funds distributed in the course of the demutualization, rehabilitation, or related reorganization remain uncashed; and
(2) The owner has not:
(A) Communicated in writing with the holder or its agent regarding the property; or
(B) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(b) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection (a) of this section shall be reportable as otherwise provided by this chapter.