Posted on Friday, 13th January 2012 by Keane Unclaimed Property Team

A second state has now introduced a bill proposing periodic death master file searches and more routine life insurance beneficiary location. In what is likely the beginning of a trend, Tennessee has proposed rules similar to those found in the Model Unclaimed Life Insurance Benefits Act recently adopted by the National Conference of Insurance Legislators.  Specifically, on January 10, 2012, the Tennessee legislature filed House Bill 2283 proposing the Unclaimed Life Insurance Benefits Act. The provisions contained within this bill are almost identical to those found in the recently proposed Kentucky bill. To summarize, here are the key points of Tennessee HB 2283:

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Posted on Wednesday, 25th May 2011 by Keane Unclaimed Property Team

With states continuing to enforce the rules of unclaimed property, insurance companies are the clear current focus. The insurance website Life and Health National Underwriter reported last Wednesday that the Florida Office of Insurance Regulation (FOIR) had announced a settlement agreement with John Hancock Life Insurance Company.  As we shared in an earlier blog, this settlement stems from the recent audits by Verus Financial LLC of many insurance companies on behalf of as many as 37 states. Verus and the states are looking into the practices of some insurance companies regarding how claims settlements are handled with respect to annuity contracts, life policies and retained asset accounts. Read More »

Posted on Friday, 6th May 2011 by Keane Unclaimed Property Team

On Tuesday, May 3rd, Texas substantially amended HB 257 proposing, among other things, to adjust the due dates for Texas unclaimed property rules, reporting, and delivery.  Previously, Texas’ reporting due date was November 1st with a cut-off date of June 30th.  The amended bill proposes a due date of July 1st with a cut-off date of March 1st.  Accordingly, Texas’ due diligence statute is amended to match the new deadline.

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Posted on Thursday, 14th April 2011 by Keane Unclaimed Property Team

We’ve seen the word “escheatment” achieve a new level of notoriety over the past several months, and it’s largely due to the recent wave of unclaimed property penalties and notices that have been sent out by the State of California Controller’s office.

These interest assessment notices are the result of a recent internal review by the Controller’s office to identify “past due” property that had been reported and was included on the unclaimed property reports filed since 2007. Read More »

Posted on Wednesday, 13th April 2011 by Keane Unclaimed Property Team

We regularly receive questions from California companies and others regarding how the California unclaimed property reporting process works. Below is a brief summary of what is required.

California unclaimed property reporting rules have been confusing holders since August 24, 2007, when then-governor Arnold Schwarzenegger signed SB 86. Among other measures, this legislation included a provision requiring companies to use a two-step approach to reporting unclaimed property and delivering it to the State of California Controller’s Office.

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Posted on Wednesday, 13th April 2011 by Keane Unclaimed Property Team

Signed into law in July 2010, the Dodd-Frank Act directed the SEC to publicize rules implementing its measures.  The following is the summary of the SEC’s proposed rules which were published in the Federal Register on March 18, 2011, regarding required changes to Regulation 17Ad-17:

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Posted on Friday, 12th November 2010 by Keane Unclaimed Property Team

As states become more aggressive with abandoned property laws and guidelines, they continue to make changes to legislation in an effort to generate more revenue. On September 30, Tennessee proposed new administrative rules for unclaimed property that if passed will directly affect businesses operating in the state.

The proposed changes apply to Organizations and Individuals Required to Report, Reporting Forms, Alternative Reporting Forms Accepted by the State and Agreements Relative to Unclaimed Property.

Organizations and Individuals Required to Report: The current rule for organizations and individuals states that business employing less than 25 employees do not have to report unclaimed property. The proposed rule would delete this exception making it mandatory for all businesses in the state to report this information. Read More »

Posted on Thursday, 4th November 2010 by Keane Unclaimed Property Team

With reporting deadlines occurring at the end of this month, we are constantly keeping abreast of issues involving unclaimed property and dormant accounts—even ones occurring outside the United States. A recent article caught our attention from CaymanNewsService titled “Law fundamentally ‘flawed’” as it raised some unclaimed property law issues that have and continue to occur state side. Read More »

Posted on Friday, 24th September 2010 by Keane Unclaimed Property Team

Michigan’s new reporting bill, HB 6421 – introduced on September 8th, passed the Senate yesterday, September 23rd, 2010 with a solid vote of 461 to 36. It has been ordered to be enrolled for the Governor’s desk. For your reading convenience, details are summarized below: Read More »

Posted on Friday, 20th August 2010 by Keane Unclaimed Property Team

HAWAII GIFT CARD ESCHEATMENT

HB 2289
Introduced 1/22/2010, Passed 7/7/2010, Effective 7/7/2010
In order to comply with the Federal Credit Card Accountability Act of 2009, Hawaii amended its existing statute concerning gift certificates by extending the minimum expiration period for gift certificates from two to five years; limiting the imposition of issuance or activation fees; amending the definition of "gift certificate;" defining "service fee" to exclude activation or issuance fees. Read More »