With the override of the Governor’s Amendatory Veto of IL HB 302 on November 8, 2017, the Unclaimed Life Insurance Benefits Act was amended to include a modified definition of “policy” and new requirements for insurers to perform comparisons of their in-force policies, annuity contracts, and retained asset accounts against the Death Master File (DMF).
Legislative Alerts (166 articles)
Here you can find updates on unclaimed property laws, rules, and regulations. Unclaimed property legislation varies from state to state, and is different depending on the type of property. Check back frequently for legislative alerts and breaking unclaimed property news as it happens.
On October 1, 2017, the Delaware Department of Finance released the final unclaimed property reporting and examination regulations, effective October 11, 2017, with final regulations not differing from those proposed in August. Select holders currently under audit will have 60 days to convert their audit into a VDA or the expedited audit process.
Life insurance companies in New Jersey are now required to comply with new beneficiary location regulations with the passage of AB 2511. The bill, effective on March 1, 2018, requires insurers to use the federal Death Master File (DMF) when identifying potential matches of insureds or account holders to confirm death and locate beneficiaries.
The Delaware Department of Finance and the State Escheator issued a new round of proposed regulations, once again taking the form of an “Unclaimed Property Reporting and Examination Manual.” Though similar in form and substance to the Examination Manual as introduced in April, this latest version includes several noteworthy revisions.