On June 21st, United States Congresswoman Elizabeth Warren (D-MA) and Congressman Steve Daines (R-MT) introduced Senate Bill 3078 which would create the “Retirement Savings Lost and Found Act” (“RSLFA”). The legislation is based on the assertions made in a March 2015 TIAA-CREF Survey Report indicating that of all respondents to the survey, thirty percent (30%) […]
Effective on August 8, 2016, the new law enacts the Missouri Unclaimed Life Insurance Benefits Act and outlines the requirements and procedures that life issuers must follow to proactively determine if insureds are deceased and perform outreach to beneficiaries. Missouri is now the 22nd state to enact similar legislation.
In response to separate lawsuits filed by Pennsylvania and Wisconsin, the state of Delaware filed a motion with the United States Supreme Court regarding whether “official checks” are considered “other similar instruments” as provided by the federal statute.
On May 6th, four Kemper-related insurance companies filed suit in a Florida state court seeking to declare invalid and enjoin the retroactive enforcement of provisions recently added to the Florida unclaimed property law by the enactment of Senate Bill 966. The legislation made extensive changes to a life insurer’s obligations.