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Keane's Unclaimed Property Blog

Litigation Update – Kemper Companies Sue Illinois & Verus

Litigation Update – Kemper Companies Sue Illinois & Verus

Compliance, Insurance

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.

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Litigation Update – Thrivent Financial v. The California Controller

Litigation Update – Thrivent Financial v. The California Controller

Compliance, Insurance

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.

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Massachusetts Bill to Ban Contingent Fee Unclaimed Property Auditors

Massachusetts Bill to Ban Contingent Fee Unclaimed Property Auditors

Compliance, Legislative Alerts

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 […]

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