Aviva Life Insurance Co., Midland National Life Insurance Company, and North American Company for Life and Health Insurance have agreed to unclaimed property settlements with seven states following examinations of the insurers’ unclaimed property practices. According to the settlement, Aviva Life & Annuity Company and Aviva Life & Annuity Company of New York will make […]
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.
When companies have questions on unclaimed property obligations or receive an audit notice – the legal department or external counsel is often the first group contacted. However, not every law firm or legal department is extensively versed in unclaimed property matters, and despite its similarities to a tax—unclaimed property is unique and requires its own […]
On October 29, 2013, the North Dakota Insurance Department proposed regulation number 4655 which allows insurance companies to request a temporary waiver from the requirements of the new Unclaimed Life Insurance Benefits Law and also allows them a transition period to come into compliance. The purpose of the proposed rule is to allow insurance companies […]
On October 29, 2013, Michigan’s Governor signed House Bill 4289 into law that provides guidance on the unclaimed property audit process. Specifically, the law states the following: The unclaimed property audit process must be performed in accordance with generally accepted government auditing standards. Statistical sampling is acceptable when the holder does not have complete records. […]
New York Life Insurance Company reached a $15 million life claim settlement agreement following a multi-state market examination over the insurer’s use of the Social Security Administration’s Death Master File (DMF). The six lead states involved in the unclaimed property settlement agreement and who will receive payment from New York Life include California, Florida, Illinois, […]