Effective immediately, Florida Senate Bill 966 establishes new requirements for life insurers and changes the dormancy triggers for insurance-related properties. These changes were made by amending its Unclaimed Property law. Many states have addressed the issue of unclaimed life insurance benefits within the context of the state insurance code.
Washington State is offering a one-time unclaimed property amnesty program for holders in advance of the restructuring of its penalty provisions. Qualifying holders have the opportunity to receive a waiver of penalties and interest for previous outstanding unclaimed property items so long that all past-due property is reported and remitted before the 2016 escheat report […]
While it has become more prevalent in recent years to see holders file suit against states, and auditors alleging overbroad and aggressive application and enforcement of unclaimed property laws – it is far less common to see disputes covering such issues arise between the states themselves. Yet, Pennsylvania and Delaware find themselves in a battle over $10 Million in unclaimed official checks.