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Keane's Unclaimed Property Blog

Illinois Creates a Uniform Unclaimed Life Insurance Benefits Act

Illinois Creates a Uniform Unclaimed Life Insurance Benefits Act

Insurance, Legislative Alerts

Signed into law by Governor Rauner on August 26, 2016, IL HB 4633 creates the Illinois Uniform Unclaimed Life Insurance Benefits Act and amends the state Insurance Code. This bill will become effective on January 1, 2017 and details the requirements and procedures to which insurers must adhere to ensure compliance. This includes identifying deceased insureds and […]

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Delaware Issues Statement on Temple Inland Decision, Reduces VDA Lookback Periods

Delaware Issues Statement on Temple Inland Decision, Reduces VDA Lookback Periods

Compliance, Unclaimed Property Audit

The Delaware Secretary of State issued a statement regarding the impact of the federal district court’s decision in the Temple Inland case on the VDA program his office administers. Bullock acknowledged that the decision was “critical of several specific actions taken by the State Escheator during the course of that audit,” but indicated that the case is “limited to the specific facts and circumstances of the unclaimed property audit at issue in the case.”

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Plains All American Pipeline Audit Challenges Dismissed

Plains All American Pipeline Audit Challenges Dismissed

Compliance, Oil & Gas

On August 16th, the Delaware Federal District Court dismissed the lawsuit brought by Plains All American Pipeline against certain Delaware Department of Finance employees and Delaware’s contracted auditor, Kelmar Associates in regards to an unclaimed property audit. The court ruled that Plains did not have standing to sue Kelmar and that the allegations against the state officials were not ripe for judicial review.

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Surprise Changes to the Pennsylvania Unclaimed Property Act

Surprise Changes to the Pennsylvania Unclaimed Property Act

Compliance, Legislative Alerts

Surprise changes were made to the Pennsylvania Unclaimed Property Act as House Bill 1605 was amended, passed by both the House and Senate, and signed into law on July 13, 2016. The bill not only adds due diligence requirements, but also repeals the statutory requirements addressing IRAs that were enacted in 2014 and replaces them with novel provisions not used in any other state.

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