Unclaimed Property Reporting Best Practices With escheat reporting being a year-round process, we wanted to share some unclaimed property reporting best practices to help keep your company in compliance. For even more information about unclaimed property reporting and compliance, watch the on-demand replay of our latest webinar which highlights: Unclaimed Property Reporting Best Practices Tips […]
On December 4, 2017, the United States Court of Appeals for the Third Circuit vacated the United States District Court of Delaware’s dismissal of the lawsuit filed by Marathon Petroleum. In its precedential opinion, the Third Circuit rejected the holding that private parties cannot invoke federal common law to challenge a state’s abandoned property practices.
With the override of the Governor’s Amendatory Veto of IL HB 302 on November 8, 2017, the Unclaimed Life Insurance Benefits Act was amended to include a modified definition of “policy” and new requirements for insurers to perform comparisons of their in-force policies, annuity contracts, and retained asset accounts against the Death Master File (DMF).