Authored by: Alena Levitz, B.A., LL.B, LL.M, Executive Director British Columbia Unclaimed Property Society Japan launched its first unclaimed property program this year following the passage of the Dormant Deposit Utilization Act in December 2016. The program utilizes funds from dormant bank accounts that have been inactive for ten years or more to finance social […]
Compliance (297 articles)
Most state estimates suggest that only 15 to 35 percent of companies are in full compliance with unclaimed property laws, and even those who are in compliance technically may be underreporting because they aren’t correctly interpreting what the law requires. Here you will find best practices and articles to help you comply with unclaimed property rules and regulations.
“Make new friends, but keep the old,” a phrase that has been ingrained in most of us since childhood, seems to elude businesses in the present day. Why is it that so many corporations and businesses overlook this age-old mantra and lose touch with the “old” relationships? In an age where the average attention span […]
In ruling on Delaware’s Motion to Dismiss on September 17, 2019, which was granted in part, and denied in part, the US District Court for the District of Delaware (federal court) passed on deciding the case, leaving the issue (again) in the hands of the Delaware Court of Chancery (state court). In connection with an […]
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 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 […]