Litigation, Unclaimed Property Audit
In ruling on Delaware’s Motion to Dismiss on September 17, 2019, which was granted in part, and denied in part, the US District Court for the District of Delaware (federal court) passed on deciding the case, leaving the issue (again) in the hands of the Delaware Court of Chancery (state court). In connection with an […]
Compliance, Escheatment, Litigation, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting
Unclaimed property compliance has been on the rise since the early 2000s. Many companies are aware of state unclaimed property laws, programs, and annual filing requirements. State auditors, third party audit firms, and amnesty programs such as voluntary disclosure agreement (“VDA”) have also contributed to the increase in compliance. VDA programs allow companies to become […]
Delaware is sending voluntary disclosure agreement invitations to holders believed to be out of compliance with its unclaimed property laws. In a slight change in policy, Delaware indicated that any holders that choose not to enroll in the VDA program will be audited.
Compliance, Insurance, Legislative Updates
Legislative Alert – IL 17858 2018 (State ID: 42 IR 19362): Administrative Rules Adopted – Unclaimed Life Insurance Benefits Adopted on August 16, 2019, the Administrative Rules have a retroactive effective date of July 30, 2019. This new rule impacts all life insurance companies and fraternal benefit societies authorized to do business in Illinois. As […]
Compliance, Legislative Alerts, Legislative Updates
The introduction of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) by the Uniform Law Commission has prompted state legislatures to review their often antiquated unclaimed property laws, and in many cases introduce legislation to amend or wholly revise these laws. In addition to RUUPA, state legislators may now also refer to the American Bar […]
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