The hope of the new VDA and audit manual was that it would provide holders with clear predictability of exam expectations. Generally speaking, however, the proposed regulations are vague, lacking detail, and include areas of concern for the holder community.
These requirements mandate that holders must provide accurate documentation in their unclaimed property reports evidencing that they’ve exhausted all known last contact information, including postal or email addresses and telephone numbers of the property owner.
The Arizona Legislature has taken steps to prohibit the use of all contingent fee auditors, which includes those for unclaimed property, with the introduction of House Bill 2343. While the bill would not preclude the state from using third party auditors entirely, it would eliminate the current payment structure that most states utilize to compensate […]
On January 13, 2016, Senate Bill 972 was introduced in South Carolina, proposing an Unclaimed Life Insurance Benefits Act. South Carolina is now the 28th state to introduce legislation based in part of the NCOIL Model Unclaimed Life Insurance Benefits Act. Through the provisions contained within SB 972, insurers will be required to abide by […]