Property

Verification Checklist Phrasing for Louisiana to Change

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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

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

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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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Unclaimed Property Compliance, One More Useful Step

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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

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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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Impacts Of The Recession On Insurance


Kathy Parker, CPCU, AIS, CPIW
Sr. Business Analyst, Professional Services - Insurance Solutions
StoneRiver

As I drive to work and other places I notice more and more businesses that are closing their doors. My first thoughts go to sadness for the community and for the business owners. A second thought quickly follows regarding all the new and hazardous exposures now present for these vacant business and all the properties nearby. These perils and potential hazards arise out of property, crime and liability based concerns.

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