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KeepUP™ Blog

4/14/22 9:50 AM

Reduce Escheat Liability with Owner Reunification Programs.


If your organization places a value on customer retention and would like to reduce your overall escheatment and due diligence expenses, now is the time to commence an outreach program to dormant account owners. There is still time to make contact with customers prior to the fall escheatment cycle, and if you move quickly, you can also reduce your due diligence mailings expenses. 
 

Due diligence for the fall reporting cycle generally mails anytime from July – August. The due diligence mailing process cleans up a handful of accounts every escheat season – usually somewhere between 10 -20%. However, as the below chart demonstrates, a proactive outreach program that begins far in advance of the due diligence time frames can significantly reduce the population of accounts that are ultimately escheated.

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Topics: Due Diligence, Best Practices, Owner Reunification

3/15/22 8:58 AM

MarketSphere Announces the Promotions of Unclaimed Property Experts Michael Lazar and Bill Berger

MarketSphere Unclaimed Property Specialists, providers of advanced unclaimed property managed solutions, is pleased to announce the promotions of Michael Lazar to Director, Corporate Asset Recovery Practice Leader and Bill Berger to Director, Owner Reunification Practice Leader. These promotions reflect the growth of the firm and the depth and breadth of its leadership team.

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Topics: Best Practices, Corporate Asset Recovery, Owner Reunification

3/8/22 10:39 AM

It Pays To Be Proactive When Searching for Unclaimed Life Insurance Owners

Life insurance benefits can go unclaimed for several reasons, such as if the insurer loses contact with an insured, is not aware that an insured has died, or is unable to locate any beneficiaries. Both the insurance laws and the unclaimed property laws require the reporting and remitting of unclaimed life insurance proceeds, and life insurance companies must be mindful of the requirements in each state, which continue to evolve.

As states actively enforce their unclaimed property laws by way of audits, self-reviews, and questionnaires (often with the assistance of a third-party auditor), insurance companies are not immune. A recent investigation by the New York State Department of Financial Services into one life insurer’s practices has led to a settlement under which the insurer must pay upwards of $10 million in restitution and penalties for the failure to pay unclaimed life insurance proceeds in accordance with New York law.[1]

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Topics: Compliance, Due Diligence, Best Practices, Owner Reunification