Any insurer, agent or agency which has paid to the State Comptroller monies deemed abandoned property, pursuant to the provisions of section 1316 of the Abandoned Property Law, may make payment to any person entitled to all or any part thereof and shall thereby acquire all of the rights of such person to payment by the State Comptroller.
N.Y. Comp. Codes R. & Regs. Tit. 2 § 114.3