This page addresses key areas of interest regarding Indiana unclaimed property and escheatment laws and regulations
Indiana has a fall deadline for annual reporting and remittance. Holders of unclaimed property, must report and remit by November 1st; life insurance companies are required to report and remit property by May 1st. As of July 2013, all reports are to be submitted electronically in the NAUPA format.
Items that are less than $50 are to be reported by the holder in the aggregate. Records reported in the aggregate must be retained for ten (10) years. Additionally, if a holder does not have any property to report, Indiana recommends filing a negative report.
The state requires all holders of unclaimed property to report abandoned or unclaimed property to the state in order to maintain compliance with Indiana unclaimed property laws and regulations. As a best practice, it is suggested to stay informed on new laws and regulations affecting unclaimed property reporting in Indiana.
Indiana law states that all holders are required to send due diligence mailings to owners for all property that has a value of $50 or more. These notifications are to be sent by first class mail to the last known address of the owner no more than 120 days and no less than 60 days prior to the filing of the unclaimed property report.
Indiana recommends that holders report unclaimed property to the corresponding state in which the property is owed. The State of Indiana does not guarantee that it can adhere to the reporting deadlines of other states, and any fines and penalties due to late reporting are the sole responsibility of the holder.
As a best practice, it is not recommended to rely on reciprocal reporting without confirmation that the state to which you are reporting has an agreement with the state in which the property owners are located.
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
The Indiana unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Unclaimed Property Reporting & Compliance FAQs
Reporting unclaimed property in Indiana, and 54 other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.