Keane's Unclaimed Property Blog

State Escheatment (55 articles)

Delaware Passes SB 258: Establishes Voluntary Disclosure Program

State Escheatment, Unclaimed Property Reporting

On July 11, 2012, Delaware SB 258 was signed into law, establishing a new voluntary disclosure program overseen by the Delaware Secretary of State. This program provides holders a three-year window to enter into voluntary disclosure agreements (“VDA”) and report any past-due unclaimed property liabilities. Effective immediately, holders that enroll in the program can take […]

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Reminder: California Remittance Reports Are Due Now!

Compliance, State Escheatment, Unclaimed Property Reporting

An important reminder for companies that filed their notice reports of unclaimed property to California last Fall 2011, remittance reports are now due. If you haven’t submitted your California remittance report already, you have until June 15th to do so. California’s process differs from the rest of the states, in that it has a two-part […]

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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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Delaware Clarifies Inactivity & Escheatment of Securities

Brokerage, Compliance, Legislative Alerts, State Escheatment

At the request of the Securities Transfer Association, Inc. (STA) Delaware issued clarification dated May 10, 2012 on the escheatment of securities property, specifically emphasizing what constitutes activity for these property types. The primary concern of the STA and its members was the verbiage of the existing Delaware Escheats Law surrounding foreign-addressed property, accounts established […]

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