Showing posts from November, 2014

Meet Your New Escheators (Or, In Some Cases, Welcome Back)

Most state unclaimed property divisions are part of the Department of the State Treasurer or Department of Revenue (the latter, some would argue, is quite telling).   In any event, that means that the head of the state’s unclaimed property program in many states is an elected official.   There most recent election cycle featured a number of State Treasurer, State Auditor, or Attorney General races, and starting in 2015 we will have some new (or re-elected) officials dealing with unclaimed property issues.   Meet your escheators (elected State Treasurer unless otherwise noted):   Alabama -- Young Boozer Arizona -- Jeff DeWit Arkansas -- Andrea Lea (State Auditor) California -- Betty Yee (State Controller) Colorado -- Walker Stapleton Connecticut -- Denise Nappier Florida -- Jeff Atwater (State CFO) Idaho -- Ron Crane Illinois -- Mike Frerichs Iowa --   Michael Fitzgerald Kansas -- Ron Estes Massachusetts -- Deb Goldberg Nebraska -- Don Stenber

Lost & Found: Another Insurer Settles, Illinois Auction, UP in the Mainstream

A brief roundup of some recent unclaimed property related news: More Insurance Industry Settlements -- According to an article on Insurance News , another life insurer -- Sun Life of Canada -- has settled claims relating to the alleged "asymmetrical" use of the Social Security "Death Master File."  Generally, the states allege that insurers actively researched death index information for annuity products (i.e., where the insurer was paying benefits until the policyholder died) but didn't use the same information to determine when death benefits became payable to beneficiaries.  According to the article, this represents the 18th settlement arising the from the multi-state investigation of life insurers' unclaimed property practices. Illinois Unclaimed Property Auction -- Looking to do some early holiday shopping?  The Office of the Illinois State Treasurer will be commencing an auction of unclaimed property on Monday.  The Northwest Herald has the d

5Ws: The Proposed Revision to the Uniform Unclaimed Property Act -- A Primer for the Well-Adjusted

Earlier this year, to some fanfare in the unclaimed property industry, the Uniform Law Commission ("ULC") embarked on a quest to revise the Uniform Unclaimed Property Act .  As a glance at the ULC page on the revision makes clear, comments on this endeavor have been made by advocacy groups, holders, industry associations, audit firms, regulators, and locator firms.  There have also been reams of paper spilled on speculation as to what the ULC may or may not do, opinion on what the ULC should or should not do, and commentary on what the ULC's revisions should or should not be. We may comment on specific proposals relating to the ULC in due course.  That said, it has come to our attention that (sadly) many people do not follow uniform act revision processes closely as a general matter.  They do not understand the rhythm of the law-drafting process, the delicate beauty of the waltz between legislator and lobbyist, the sweeping grace of the intellectual seed of policy being