StoneRiver Blog

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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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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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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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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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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Enterprise Risk Management (ERM) More Important Than Ever

Recently StoneRiver conducted an online survey which asked respondents about their company’s Enterprise Risk Management (ERM) process. Half of the respondents said they have an ERM process, but of those, 23% said it isn’t a formal process with reporting. Another 12% indicated they currently did not have a formal ERM process, but were developing one, 24% indicated their company did not have an ERM process and 15% of the respondents indicated they didn’t know.

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Julie Kramer, Financial & Compliance Product Director

Melissa Monaghan, a Statutory Accountant working with our eFreedom Annual Statement product, recently attended the 2012 Annual North American Securities Valuation Association (NASVA) Conference held May 15 - 17 in Louisville, Kentucky. As an Annual Statement software vendor, we feel that it is important to keep up with what is happening within the investment arena.

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Christa DeOliveira, CIA, CCEP

There have been some interesting developments of late in the life insurance sector, both with legislation and regulations. While these developments are not directly a part of unclaimed property, they are still significant and are indirectly tied to unclaimed property.

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Greg Sohl, Lead Software Architect StoneRiver

Session preparation for the StoneRiver Summit is in full swing as spring approaches. The eFreedom Annual Statement team is working on a number of sessions that will continue to elevate the knowledge of eFreedom users.

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Tom Knight
Product Management
StoneRiver

It is easy to describe and understand the notion of Business Oriented Architecture (BOA), yet it is still quite hard to achieve. Insurance industry analysts have recently defined the term as an architecture that applies a new level of focus to deliver benefits to your business extending beyond the reach of your service-oriented architecture (SOA). Since BOA is built on top of SOA, the challenge to achieving BOA enablement for insurers still lies in the maturity level of their own SOA. Taking a look at the origin of SOA, and more specifically, looking at how much farther an insurer could take SOA, explains why BOA enablement is easy to describe but still very hard to achieve.

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