Tess Dea, Business Analyst
Wow! Each time I think of the eFreedom User Group turnout I can’t help but think “Wow”! We had nearly 100 people register for the May User Group session and while we had intended to convene for between 60 and 90 minutes, we were able to visit with the User Group for 125 minutes! Such an exciting, insightful session.
Emily Mertz, Marketing Manager
Christa DeOliveira, CIA, CCEP
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.
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."
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.
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.
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.
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.
Julie Kramer, Financial & Compliance Product Director