Unclaimed property voluntary disclosure programs are excellent opportunities for holders to become compliant without fear of an audit, fines, and penalties. Keane’s National Consulting & Advisory Services Team has provided information below on recent programs in Arkansas, Delaware, Minnesota & Texas.
Life insurance companies operating in Texas will be required to comply with beneficiary location requirements with the passage of TX S 561. The bill, effective on September 1, 2017, gives Texas life insurance carriers roughly 90 days to prepare themselves for the upcoming deadline.
The enactment of Tennessee House Bill 420 provided significant changes to TN unclaimed property law. Among some of the big changes were the reduction of dormancy periods, changes to dormancy triggers, and the introduction of new provisions for specific property types.
The objective of the unclaimed property due diligence letter is to provide proper notice to the apparent owner of abandoned or unclaimed property in an attempt to resolve the item. This post will analyze the key elements of an effective due diligence mailing to both ensure compliance with state escheat laws and to maximize the return of property to owners.