Blog

Healthcare Industry Insights into Unclaimed Property

Historically, the healthcare industry has experienced challenges in identifying and reporting unclaimed property. This is due to several reasons including a lack of clear statutory guidance, limited understanding of the potential unclaimed property liabilities which they are truly subject, and conflicting laws (i.e., refund recoupment, prompt payment, HIPAA, etc.).  The fundamental understanding that healthcare entities […]

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Delaware Unclaimed Property VDA Notices

Delaware VDA Responses Due Monday, April 19, 2021 If you received one of the recent unclaimed property DE VDA invitations sent February 19, 2021 your response is due Monday, April 19, 2021. Holders that received an invitation and do not respond by April 19th will be referred to State Escheator for audit examination. Double check […]

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When Are Unclaimed Property Reports Due and Other FAQs

When are unclaimed property reports due? This is a fairly common question asked by holders that are new to the escheat reporting process, or not as well versed in the intricacies of escheatment reporting. Fortunately, Sovos has provided answers to some of the most frequently asked escheat reporting questions to help your organization survive unclaimed […]

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Unclaimed Property Landscape for the Life Insurance Industry

Most unclaimed property professionals are familiar with the story of Verus Analytics, LLC’s (“Verus”)[1] appearance on the contract audit “field of play” some ten years ago, as it cut a swath across the life insurance industry with audits focused on the industry’s failure to report and remit unclaimed life insurance proceeds based on the insurers […]

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Massachusetts Unclaimed Property Self-Review Invitations

There has been an interesting development from the Commonwealth of Massachusetts State Treasurer’s Office as they introduce a new wave of unclaimed property self-review invitations. Recipients of these self-review invitations have 30 days from the receipt of the letter to log into the state website to provide updated contact information. This timeline is shorter than […]

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Accounting and Reporting for Unclaimed Property

Unclaimed property management can fall under a variety of responsibilities ranging from CFO to accounting—but typically resides within the accounting or financial reporting departments. Every company generates potential unclaimed property through regular business functions such as payroll. With over 80% of companies considered non-compliant with unclaimed property laws and regulations and the number of audits […]

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Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets

For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to comply effectively and efficiently has caused many sleepless nights for unclaimed property professionals. Well, that may be a bit extreme, however, state regulations are difficult to master. When the first […]

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Financial Institution Insights into Unclaimed Property

Financial institutions, including banks and credit unions, are unique when it comes to unclaimed property with different property codes, dormancy periods and even different reporting deadlines. Some of the unique challenges for financial institutions when it comes to unclaimed property compliance are: Special dormancy triggers for IRAs and certificates of deposit Tracking returned mail and […]

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Unclaimed Property Audit Scope

By: Laurie Andrews, Gary Joseph and Brian McCarthy The unclaimed property audit landscape is forever changing.  Just a few years ago there were only a handful of active third party contingent fee audit firms, whereas today there are currently 8+ audit firms contracted by the states to audit companies to ensure compliance with unclaimed property.  […]

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Importance of Owner Contact in Unclaimed Property

By: Gary Joseph and Paola Narez In order to maintain compliance with states’ unclaimed property statutes, holders must understand the types of unclaimed properties they are susceptible to generating and the conditions that would begin the running of the dormancy period for each property type (the “dormancy trigger”).  Property becomes abandoned or unclaimed when an […]

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Prepared for Spring Unclaimed Property Reporting?

Spring unclaimed property reporting deadlines are coming up fast, are you prepared? Spring reporting runs from March through May and varies by state and industry. Most spring reporting states only require reporting for life insurance companies/holders. However, there are other spring reporting states that require reporting on all insurance companies, life and non-life, including Delaware, […]

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Unclaimed Property State Compliance Observations from 2020

2020 has been quite the year! As with all aspects of our lives, the unclaimed property world was significantly impacted by this year’s events. We have had to learn to operate our businesses, meet our unclaimed property obligations and effectively function amid office shut downs and virtual workspaces. The first unclaimed property challenge of 2020 […]

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Unclaimed Property and the Insurance Industry

Insurance companies, like all “holders,” are required to comply with the unclaimed property laws for each state or jurisdiction within the United States and its territories. Although there are some similarities, many states have different reporting requirements and dormancy periods. As of late, there have been many legislative changes affecting the unclaimed property laws. Therefore, […]

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How to File Unclaimed Property Reports Now That UPExpress Has Been Discontinued

UPExpress, the free tool for companies to eFile unclaimed property reports directly to participating states, was discontinued at the end of 2020 because the current file formats no longer aligned with many of the state’s newly implemented technologies. You can still eFile unclaimed property reports to states that accept online reporting. However, if you plan […]

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Energy, Oil & Gas Industry in Unclaimed Property

Unclaimed property compliance for energy, oil and gas companies can be an especially complex process due to various industry-specific nuances and intricacies. Exclusive property types, such as mineral interest proceeds and royalty payments, title disputes, and operationally-intensive state requirements all contribute to the uniqueness of the industry and its unclaimed property challenges. As energy companies […]

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Unclaimed Property Dormancy Periods by State: What You Need to Know

Understanding unclaimed property dormancy periods by state and executing the appropriate decisions can make or break your company’s unclaimed property program. This is due primarily to the fact that each state has varying dormancy periods. To complicate matters even further, each state has specific dormancy periods for each corresponding property type. As a result, determining […]

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Sovos Buys Keane’s Unclaimed Property Consulting Services & Software as States Accelerate Audits

Last week, Sovos purchased the unclaimed property consulting services and reporting technology of Keane. This acquisition boosts our SaaS and services offerings for unclaimed property compliance — just as states are hungry for revenue streams to offset their budgetary gaps. This is a critical time for insurers, financial institutions and other companies facing compliance regulations […]

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The Top 5 Ways to Stay Ahead of Unclaimed Property

Unclaimed property compliance is a year-round job. Preparations must be made monthly in order to stay compliant. Below are the top 5 ways you can stay ahead of your unclaimed property obligations, before they turn into penalties. 1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in […]

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