Keanotes: Unclaimed Property News, Laws and Trends
Keanotes®, our industry leading quarterly compliance newsletter provides an in-depth view and analysis of unclaimed property regulations and how they impact mutual funds and corporations. Editorial coverage of ongoing legislation changes, legislative summaries of passed and proposed law, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.
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Contents of Latest Issue
Delaware’s Unclaimed Property Enforcement Continues to Evolve: Estimation and Equity
Michael Houghton, Esq. and Brenda R. Mayrack, Esq., Morris, Nichols, Arsht & Tunnell LLP
To view the Footnotes from this article, click here. Last month, Delaware’s Bureau of Unclaimed Property published its annual list of the over 18,000 owners for whom the state received unclaimed property during the prior year in a newspaper insert requiring thirty-six full-size pages of almost microscopic print.1 Although it is always an interesting exercise to review … [ read more ... ]
Delaware’s Unclaimed Property Enforcement Continues to Evolve: Estimation and Equity (FOOTNOTES)
To view the main article, “Delaware’s Unclaimed Property Enforcement Continues to Evolve”, Click Here. See 12 Del. C. § 1142(a). See, e.g., You, Tom Brady, Missing Unclaimed Billions? Massachusetts State Treasury Trying to Return Funds, The Boston Channel (Mar. 8, 2011, 1:29 PM), http://www.thebostonchannel.com/asseenon5/27118503/detail.html (Massachusetts holds $260 of unclaimed property belonging to New England Patriots quarterback Tom Brady); Aretha Franklin, Martha … [ read more ... ]
Integrating Unclaimed Property Management into Core Business Processes
Michael R. Wood, IT & Process Improvement Specialist
Since the mid-1970s, states have continuously increased their dependency on the monies collected as Unclaimed Property (UP). Today, UP collections represent a substantial source of revenue for many states. So it should come as no surprise that states have stepped up their efforts to collect as much UP monies as they can. New types of … [ read more ... ]
Legislative and Regulatory Updates
Legislative Update Key Introduced – used for Legislation Passed – used for Legislation Proposed – used for Regulations Adopted –used for Regulations Prefiled – drafted bills and resolutions to be numbered, printed, made available for public review, and scheduled for hearing before the actual start of session. CALIFORNIA SB 495 Introduced 2/17/2011, Passed 9/20/2011, Effective 1/1/2012 California’s provisions for retirement … [ read more ... ]
A Year of Uncompromising Performance
Mike O'Donnell, Chief Executive Officer
A year ago, I wrote the cover article for the winter issue of Keanotes. In that article I shared the news about the exciting new direction our company was taking. I also shared my commitment to ensure that the “new” Keane was focused on nothing less than the best when it comes to unclaimed property … [ read more ... ]
Join Us in Welcoming the Most Recent Additions to Keane
Barbara Blick – Vice President Barbara is an insurance and financial services industry veteran with more than 20 years of experience and a track record of success implementing impactful growth strategies, strong client relationships and commitments within development plans. Ms. Blick comes to Keane after having spent 11 years as the National Sales Manager of … [ read more ... ]
Oil, Gas and Unclaimed Property
Pamela J. Wentz & Jared Gustafson, Keane National Consulting & Advisory Services
Navigating state unclaimed property laws can prove challenging in any industry, but can be especially challenging in the oil & gas industry. In this discussion, we will pose several different compliance situations in which oil & gas companies typically experience difficulties and offer some best practices and recommendations. Not reporting all applicable types of unclaimed property. The most commonly recognized property types in … [ read more ... ]
California Tightens Consumer Protections on Retained Asset Accounts
California recently passed two bills affecting the use of retained asset accounts by life insurance companies. Retained asset accounts are a policy distribution method by which the insurance company credits a beneficiary with an account from which the beneficiary can make withdrawals with checks provided by the company. The first bill, Senate Bill 599, accomplishes … [ read more ... ]
