The bill proposes to amend Florida’s unclaimed property law to include provisions for unclaimed life insurance benefits, including the requirement to conduct regular comparisons of the Death Master File and make efforts to locate beneficiaries. More importantly, the bill proposes to change the dormancy trigger for life insurance products to…
Defendants in the suit are both the Illinois State Treasurer, who administers Illinois’ unclaimed property program, and Verus Financial, LLC – the third party auditor retained by the Treasurer to conduct audits of insurance companies on Illinois’ behalf. The lawsuit is the latest in a series of events that began in 2011 with the initiation of a multi-state audit by Verus.
In their complaint filed in California Superior Court on October 9th, life insurer Thrivent Financial for Lutherans (Thrivent) contends that the California Controller’s designation of the “date of death” as the life insurance dormancy trigger and an arbitrary quarterly death master file comparison requirement are both “underground regulations” inconsistent with California Unclaimed Property Law.
This week, testimony regarding a bill proposing the prohibition of contingent fee auditors by state agencies was brought before the Massachusetts Legislature Joint Committee on State Administration and Regulatory Oversight. MA Senate Bill 1710, filed on April 15, 2015, would ban the use of contingent fee auditors by the Massachusetts Department of Revenue, which conducts […]