StoneRiver Blog

Are you in the Know? Uniform Law Commission Study Committee Update

Christa DeOliveira Christa DeOliveira, CIA, CCEP

The Uniform Law Commission’s Executive Committee appointed a Study Committee to consider whether it would be advantageous to review and revise the Uniform Unclaimed Property Act, as previously reported in Possible Revisions to the Uniform Unclaimed Property Act.

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States Passing the “Model Unclaimed Life Insurance Benefits Act” and Similar Legislation Continues

Christa DeOliveira Christa DeOliveira, CIA, CCEP

As noted in previous blog postings, It’s Similar to Unclaimed Property Compliance… and Goings on in the Life Insurance Sector, states are adding new laws many of which are based on NCOIL’s “Model Unclaimed Life Insurance Benefits Act” or at least contain similar provisions.  While these laws are generally not directly a part of unclaimed property law, but rather insurance statutes, the laws remain significant and are at minimum indirectly tied to unclaimed property.

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Verification Checklist Phrasing for Louisiana to Change

Christa DeOliveira Christa DeOliveira, CIA, CCEP

Louisiana’s unclaimed property statutes require for Louisiana to pay interest on any item that was interest bearing while on the books of the holder. Specifically, Louisiana Revised Statutes 9:163 contains the following:

"If the property was interest bearing to the owner on the date of surrender by the holder, the administrator shall pay interest at a rate of five percent a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner."

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Possible Revisions to the Uniform Unclaimed Property Act

Christa DeOliveira Christa DeOliveira, CIA, CCEP

By now you may have heard the Uniform Law Commission's (ULC) Executive Committee has authorized the appointment of a new Study Committee for amending or revising the Uniform Unclaimed Property Act (UUPA). This does not come as a surprise as there have been rumblings about the need/desire for revisions for a few years now.

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The Hours Clause: 4 Steps Insurance Companies Should Take to Evaluate Exposure

Craig Robinson
Reinsurance Sales Engineer
StoneRiver

2012 was certainly a big year for catastrophes, suffering through hurricanes Sandy and Isaac, as well as several thunderstorms, fires, earthquakes, tropical storms, and droughts. These worldwide catastrophes caused lots of loss activity and economic destruction. Any time there is a long duration for any particular catastrophe, it is difficult to figure out what to report to reinsurers. In many reinsurance arrangements there is an hours clause that can have great bearing on the loss amount that can be invoiced to a reinsurer for recovery.

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It’s Similar to Unclaimed Property Compliance…

Christa DeOliveira Christa DeOliveira, CIA, CCEP

Here are several things that closely approximate unclaimed property compliance although they are actually not part of unclaimed property law and therefore, not regulated by states’ unclaimed property divisions. Regardless, it is useful for unclaimed property professionals in applicable industries to be aware of the legislative activity surrounding the Model Unclaimed Life Insurance Benefits Act and similar legislation; and also the scope of SEC 17Ad-17 expanding as they are significant and are tied to reducing and preventing unclaimed property.

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Delaware Strives to Increase Unclaimed Property Compliance by Launching a New VDA Program

Christa DeOliveira Christa DeOliveira, CIA, CCEP

Delaware’s Senate Bill 258 was signed on July 11, 2012 and will remain in effect through July 1, 2015. This law sets up a new business-friendly Voluntary Disclosure Agreement (VDA) process where companies have a limited window of opportunity to “catch up” on any past due unclaimed property reporting obligations to Delaware. This law provides for this new program to be administered by Delaware’s Department of State, rather than State Escheator.

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Top 10 list to make your Annual Statement filing period a success!

Julie Kramer Julie Kramer, Financial & Compliance Product Director

  1. Make sure to keep up to date with the NAIC blank changes that could affect the way you report your data.
  2. Review the documentation provided with each release.  Details in the documentation may include things like: new software enhancements, updates to formulas and regulatory changes. Be sure to share these documents with others on your team!
  3. Create import files from your source data (Excel, GL, Investments, Reinsurance, etc).

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Unclaimed Property Compliance, One More Useful Step

Christa DeOliveira Christa DeOliveira, CIA, CCEP

Hopefully, your fall unclaimed property reporting cycle went well and you were done before there could be any possible impacts from Hurricane Sandy. (If your reporting process has been disrupted by Hurricane Sandy, then please refer to the information about NAUPA’s Extension Matrix at http://unclaimed.org/reporting/super-storm-sandy-state-reporting-extension-matrix/

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Keeping on Top of Unclaimed Property Compliance

Christa DeOliveira Christa DeOliveira, CIA, CCEP

The latest release of TRACKER®, available on September 4, 2012, has a multitude of updates, helping to keep our users on top of unclaimed property compliance. The updates range from dormancy period changes, to the addition and deactivation of property ID codes, to information on new VDA programs, and to functional enhancements. Here are a few compliance highlights of what is encompassed in the version 4.80 upgrade.

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