Friday, November 21, 2014

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 details.

Unclaimed Property in the New York Times -- For those of us in unclaimed property -- a relatively niche practice, to say the least -- it's always a little exciting when UP news makes it to mass media.  (If for no other reason than to prove to our disbelieving family members that such laws exist).  The The New York Times recently had a "Your Money" article by Ron Lieber featuring unclaimed property.  

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