Christa DeOliveira's blog

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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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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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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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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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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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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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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