Unclaimed Property Audit

Top 10 Reasons to Enroll in the Delaware Unclaimed Property VDA Program

June 30th, 2014 is the final deadline to enroll in the Delaware Unclaimed Property Voluntary Disclosure Program. If you have a reporting obligation to Delaware – meaning your company is incorporated in Delaware, operates in Delaware, or has investors, customers, or shareholders in Delaware – then it is highly encouraged to enroll in this voluntary compliance […]

Delaware Settles with Select Medical Corporation

The unclaimed property litigation in the United States District Court for the District of Delaware, Select Medical Corporation v. Cook case reached a settlement on Monday, January 20, 2014. Although it has been reported in media outlets that the parties have settled the matter, the terms of the settlement have not been disclosed nor made […]

Michigan Provides Guidance on Unclaimed Property Audit Process

On October 29, 2013, Michigan’s Governor signed House Bill 4289 into law that provides guidance on the unclaimed property audit process.  Specifically, the law states the following: The unclaimed property audit process must be performed in accordance with generally accepted government auditing standards.  Statistical sampling is acceptable when the holder does not have complete records.  […]

Delaware State Escheator Udinski Retires

Earlier this week, the Wall Street Journal reported that the Delaware State Escheator, Mark Udinski, was set to retire. This rumor has been confirmed and Udinski has officially retired, effective August 1st. At this point, Delaware has not named a successor to Udinski, and although not confirmed, it has been speculated that Udinski may take […]

Insurers Face Multi-Faceted Compliance Challenge

Insurance carriers are currently experiencing the strains of an increasingly complex regulatory environment that includes new beneficiary location legislation, third party audits, and market conduct exams. Carriers have become the subject of state investigations including audits by both state unclaimed property administrators as well as state insurance commissioners. As a result, life insurers are often […]

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