On June 21st, United States Congresswoman Elizabeth Warren (D-MA) and Congressman Steve Daines (R-MT) introduced Senate Bill 3078 which would create the “Retirement Savings Lost and Found Act” (“RSLFA”). The legislation is based on the assertions made in a March 2015 TIAA-CREF Survey Report indicating that of all respondents to the survey, thirty percent (30%) […]
The objective of the unclaimed property due diligence letter is to provide proper notice to the apparent owner of abandoned or unclaimed property in an attempt to resolve the item. This post will analyze the key elements of an effective due diligence mailing to both ensure compliance with state escheat laws and to maximize the return of property to owners.
Effective on August 8, 2016, the new law enacts the Missouri Unclaimed Life Insurance Benefits Act and outlines the requirements and procedures that life issuers must follow to proactively determine if insureds are deceased and perform outreach to beneficiaries. Missouri is now the 22nd state to enact similar legislation.
On May 6th, four Kemper-related insurance companies filed suit in a Florida state court seeking to declare invalid and enjoin the retroactive enforcement of provisions recently added to the Florida unclaimed property law by the enactment of Senate Bill 966. The legislation made extensive changes to a life insurer’s obligations.