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 […]
Legislative Alerts (185 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.
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 […]
On June 28, 2019, the Superior Court of Delaware issued an Order for Entry of Final Judgement for damages and penalties in The State of Delaware, ex. rel. William Sean French v. Overstock.com, Inc. (C.A. No. N13C-06-289 PRW CCLD). In September 2018, a jury found that Overstock had knowingly violated the Delaware False Claims Act […]
On June 11, 2019, the California Attorney General filed a Complaint in the Superior Court of California, County of San Francisco (CGC-19-576620), alleging that ClubCorp violated California’s False Claims Act (CFCA) and the California Unclaimed Property and Unfair Competition laws when it knowingly omitted in its unclaimed property reports approximately $10 million in unclaimed initiation […]
NY Supreme Court Win for Life Insurers in $14 Billion Whistleblower Case On April 3, 2019, in Total Asset Recovery Services, LLC vs. Met Life Inc., No. 115336/2010 (NY Sup. Oct. 3, 2019), the Supreme Court of the State of New York, County of New York, granted a motion to dismiss in favor of defendant […]