Three State legislatures introduced new bills that will effectively change aspects of their respective unclaimed life insurance benefits acts. Life insurance carriers that operate in Texas, one of the nation’s most populous states, should be advised of the potential operational impact of this newly proposed legislation.
The responsibilities of unclaimed property compliance for mutual funds can often get lost amidst the plethora of regulatory compliance obligations that financial services firms face. Nonetheless, it is essential to keep up to date with rapidly changing state escheat laws in order to minimize the risk of costly audits and protect shareholder assets from escheatment. […]
Borrowing from the 2016 Revised Uniform Unclaimed Property Act and the recommendations of Delaware’s own unclaimed property task force, DE SB 13 proposes sweeping changes to Delaware’s unclaimed property reporting and enforcement processes as well as its voluntary compliance initiatives.