Keane's Unclaimed Property Blog

Legislative Updates (31 articles)

New Unclaimed Property Law in Northern Mariana Islands Targets Dormant Bank Accounts

Banking, Dormancy Periods, Legislative Updates, State Escheatment

Dormant bank accounts are the focus as another U.S. territory puts an unclaimed property law on its books. On February 6, 2012, the Commonwealth of the Northern Mariana Islands (CNMI) enacted a new law called the Escheat Act of 2011. The new law increases the number of U.S. unclaimed property reporting jurisdictions to 55. CNMI […]

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Alabama Proposes Bill to Modify Escheatment of Insurance Benefits

Insurance, Legislative Updates

In the past month, the State of Alabama has pre-filed a new Unclaimed Property bill that would affect the escheatment of insurance benefits. Alabama HB 126 would enact legislation similar to the National Conference of Insurance Legislators (NCOIL) Unclaimed Life Insurance Benefits Act, making them the fourth state to propose such a measure, after Kentucky, […]

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Tennessee Proposes Stronger Insurance Beneficiary Location Legislation & Death Master File Searches

Insurance, Legislative Updates

A second state has now introduced a bill proposing periodic death master file searches and more routine life insurance beneficiary location. In what is likely the beginning of a trend, Tennessee has proposed rules similar to those found in the Model Unclaimed Life Insurance Benefits Act recently adopted by the National Conference of Insurance Legislators […]

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Unclaimed Property Insurance Update: Florida Announces Settlement

Insurance, Legislative Updates, Unclaimed Property

With states continuing to enforce the rules of unclaimed property, insurance companies are the clear current focus. The insurance website Life and Health National Underwriter reported last Wednesday that the Florida Office of Insurance Regulation (FOIR) had announced a settlement agreement with John Hancock Life Insurance Company.  As we shared in an earlier blog, this settlement stems […]

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Texas Unclaimed Property Rules – HB 257
Legislative Update From Keane – May 6, 2011

Abandoned Property, Abandoned Property Law, Legislative Updates, State Escheatment, Unclaimed Property, Unclaimed Property Law

On Tuesday, May 3rd, Texas substantially amended HB 257 proposing, among other things, to adjust the due dates for Texas unclaimed property rules, reporting, and delivery.  Previously, Texas’ reporting due date was November 1st with a cut-off date of June 30th.  The amended bill proposes a due date of July 1st with a cut-off date of […]

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