On December 4, 2017, the United States Court of Appeals for the Third Circuit vacated the United States District Court of Delaware’s dismissal of the lawsuit filed by Marathon Petroleum. In its precedential opinion, the Third Circuit rejected the holding that private parties cannot invoke federal common law to challenge a state’s abandoned property practices.
With the override of the Governor’s Amendatory Veto of IL HB 302 on November 8, 2017, the Unclaimed Life Insurance Benefits Act was amended to include a modified definition of “policy” and new requirements for insurers to perform comparisons of their in-force policies, annuity contracts, and retained asset accounts against the Death Master File (DMF).
On October 1, 2017, the Delaware Department of Finance released the final unclaimed property reporting and examination regulations, effective October 11, 2017, with final regulations not differing from those proposed in August. Select holders currently under audit will have 60 days to convert their audit into a VDA or the expedited audit process.