In response to separate lawsuits filed by Pennsylvania and Wisconsin, the state of Delaware filed a motion with the United States Supreme Court regarding whether “official checks” are considered “other similar instruments” as provided by the federal statute.
On May 6th, four Kemper-related insurance companies filed suit in a Florida state court seeking to declare invalid and enjoin the retroactive enforcement of provisions recently added to the Florida unclaimed property law by the enactment of Senate Bill 966. The legislation made extensive changes to a life insurer’s obligations.
On May 12, 2016, New York Senate Bill 7803 was introduced into the New York state legislature. The bill proposes a dormancy period increase for many property types. Specifically, the bill increases from three to five years dormancy periods for wages, banking, and securities-related property including brokerage accounts and life insurance property.
Wisconsin recently introduced Senate Bill 799 proposing amendments to various provisions within its unclaimed property laws. Amendments to the Wisconsin unclaimed property statute include the implementation of a voluntary disclosure program (VDA Program), as well as changes to reporting requirements, dormancy periods, and penalties.