Keane's Unclaimed Property Blog

Legislative Updates (31 articles)

Nevada Passes Beneficiary Location Law

Insurance, Legislative Alerts, Legislative Updates

On June 10, 2013, Nevada signed AB 226 into law, joining numerous states that are setting forth an Unclaimed Life Insurance Benefits Law. Similar to the NCOIL model act, this beneficiary location law requires an insurer to perform regular comparisons against the Social Security Administration’s Death Master File to identify potentially deceased insureds or account […]

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Maryland SB 77 Passes – New Regulations for Locating Beneficiaries

Insurance, Legislative Updates, State Escheatment

Life Insurance providers in Maryland will soon be held to a higher standard for locating beneficiaries and verifying decedents as Maryland Legislature passed its version of the Model Unclaimed Life Insurance Benefits Act on May 2, 2012. Insurers will be required to conduct regular comparisons of the Death Master File against their in-force policies to […]

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Kenyan Unclaimed Financial Assets Act: The Evolution of International Unclaimed Property Laws

Legislative Updates, Other News, Unclaimed Property Law

The following entry is an excerpt from a recent article in Business Daily Africa written by Valerie Jundt, Managing Director and National Practice Leader of the Keane Consulting & Advisory Services Team. Click here to read the full article at Business Daily Africa. Kenya became the most recent country to enact unclaimed property laws, as the […]

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Legislative Update – South Dakota Accelerates Escheatment of Banking Property

Banking, Dormancy Periods, Legislative Updates, State Escheatment

The escheatment of banking property in South Dakota may increase as HB 1270 was signed into law by Governor Dennis Daugaard. The dormancy period for banking properties was reduced from five to three years, making South Dakota the 22nd state since 2007  to pass legislation reducing dormancy periods. To recap, the following types of unclaimed property […]

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Delaware Outlines Appeals Process for Unclaimed Property Audits

Legislative Updates, Unclaimed Property Audit, Unclaimed Property Law

Delaware recently established their appeals process for unclaimed property audits, as Regulation 959 was passed on March 3, 2012. This regulation sets forth the practice and procedures for the appeal of any determination by the Unclaimed Property Audit Manager. In July 2010, the Delaware legislature amended §1156 providing for appeals of audit findings to the Secretary […]

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