Indiana Escheat & Unclaimed Property Laws

Indiana has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by November 1. Life insurance companies are required to report and remit property by April 30 (life insurance holders) or October 31 (all except life insurance holders). As of July 2013, all reports are to be submitted electronically in the NAUPA format.

If a holder does not have any property to report, Indiana does not statutorily require filing a negative report but negative reports are expected.

The state requires all holders of unclaimed property to report abandoned or unclaimed property to the state in order to maintain compliance with Indiana unclaimed property laws and regulations. As a best practice, it is suggested to stay informed on new laws and regulations affecting unclaimed property reporting in Indiana.

Indiana Due Diligence Requirements

Indiana law states that all holders are required to send due diligence mailings to owners for all property that has a value of $50 or more. These notifications are to be sent by first class mail or by email, unless the holder believes the apparent owner’s electronic mail address is invalid. The notifications must be sent to the last known address of the owner no more than 180 days and no less than 60 days prior to the filing of the unclaimed property report.

Indiana Dormancy Periods

Dormancy periods in Indiana vary by property type. Generally, most property types have a three-year dormancy period.

Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property type.

Dormancy periods in Indiana for common property types include:

• Wages, Payroll or Salary: One year
• Accounts Payable: Three years
• Refunds Due: Three years

Still confused or overwhelmed? Try the Sovos UP Compliance Hub

Reporting unclaimed property in Indiana, and other jurisdictions, can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.  

The Sovos UP Compliance Hub is a subscription-based service that includes access to multiple educational and operational resources. Sovos compliance experts continuously monitor and update these resources. Compliance Hub subscriptions can be customized to suit your company’s unique business needs and compliance objectives. Connect with the experts at Sovos today to learn more.