Compliance, Legislative Alerts
The Arizona Legislature has taken steps to prohibit the use of all contingent fee auditors, which includes those for unclaimed property, with the introduction of House Bill 2343. While the bill would not preclude the state from using third party auditors entirely, it would eliminate the current payment structure that most states utilize to compensate […]
On January 13, 2016, Senate Bill 972 was introduced in South Carolina, proposing an Unclaimed Life Insurance Benefits Act. South Carolina is now the 28th state to introduce legislation based in part of the NCOIL Model Unclaimed Life Insurance Benefits Act. Through the provisions contained within SB 972, insurers will be required to abide by […]
On January 6, 2016, Senate Bill 863 was introduced in Missouri, proposing unclaimed life insurance benefits amendments to the state insurance code. This makes Missouri the latest state to introduce legislation regarding unclaimed life insurance benefits.
The New Jersey Unclaimed Property Administration audit, recently conducted by that State Auditor, revealed that the Administration failed to post 300,000 various escheated properties to missingmoney.com, a public website where individuals may search for unclaimed or escheated assets held by many of the state unclaimed property offices.
Compliance, Legislative Alerts
An alternative to the Michigan unclaimed property audit process was an early holiday gift from Michigan Governor Rick Snyder and the Michigan legislature. On December 22, 2015, Governor Snyder signed SB 538 into law. The law is effective immediately.
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