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Legislative & Regulatory UP-date - Second Quarter

Posted By Guest Author - Marcella Easly, GRAC member, Sunday, July 7, 2013
Updated: Sunday, July 7, 2013

UPPO’s Government Relations and Advocacy Committee (GRAC) provides a brief Regulatory UP-Date approximately once per quarter. The first post for calendar year 2013 was posted May, 2013 – Regulatory UP-Date, the Story So Far. The following a brief list of the legislative activity for April – June.

UPPO members receive the latest Unclaimed Property Legislative and Regulatory information on a weekly basis through their member benefit, govWATCH.  

DEVELOPMENTS FOR INSURERS

Alabama HB192 - Under existing law, certain insurers are required to search the death master file and notify the State Treasurer of any unclaimed life insurance benefits or unclaimed retained asset accounts, plus interest, to the State Treasurer. This bill requires certain insurers to search the death master file shall apply only to life insurance policies, annuity contracts, and retained asset accounts issued and delivered in this state and which are issued or entered into on or after January 1, 2016.

Montana SB34 - Creates unclaimed life insurance benefits act; requiring insurers to search the death master file. Effective January 1, 2014

Nevada AB226 - Enacts provisions governing certain policies of insurance, annuities, benefit contracts and retained asset accounts. Requires an insurer to notify the State Treasurer upon the reversion by escheat of a benefit under a policy of life insurance or an annuity and transfer to the State Treasurer the unclaimed benefit as soon as practicable after providing notice. Effective July 1, 2014

New Mexico SB312 - Requires insurers to make good faith efforts to locate beneficiaries and provide claim materials; provides that unclaimed benefits escheat to the state; clarifies that certificates of property or casualty insurance are not insurance policies; specifies terms for certificates of property or casualty insurance. Effective July 1, 2013

North Dakota HB1171 - Establishes Unclaimed Life Insurance Benefits Act, requiring insurers to search the death master file. Lowers dormancy period from three years to one year for unclaimed life insurance policies or annuity contracts. Effective August 1, 2012.

Vermont HB95 - Establishes payment and escheatment of life insurance benefits. Effective July 1, 2013

STORED VALUE AND GIFT CARDS

Connecticut SB912- Prohibits linked prepaid cards from expiring unless specific disclosures are clearly stated. Effective July 1, 2013

Indiana HB1081 - Exempts stored value cards, credit cards or debit cards issued by state or federally chartered financial institution from unclaimed property reporting requirements. Effective July 1, 2013

Texas HB3068 - Prohibits surcharges on debit or stored value cards. Effective September 1, 2013

BANKING AND FINANCIAL INSTITUTIONS

Indiana SB222 - As amended, provides that certain property left unclaimed in a safe deposit box for three years (down from five years) is presumed abandoned. Permits electronic submission of certain documents in connection with unclaimed property, and permits the attorney general to determine the manner in which payment or delivery of certain property is made. Authorizes the attorney general to deduct certain expenses from proceeds of property paid to the owner. Effective July 1, 2013

Louisiana HB348 - Limits time to bring an action against an FDIC insured holder of unclaimed property; limits the time an FDIC insured holder is required to maintain unclaimed property reports. Effective June 12, 2013

MINERAL RIGHTS

South Dakota HB1002 and HB1006 - Creates trust account for lost mineral interest owners. Effective July 1, 2013

Texas HB724 - Creates commission to study unclaimed land grant minerals proceeds. Requires escheatment to the state. Effective September 1, 2013

PROCESS AND PROCEDURE

Florida SB492 - Requires property held by fiduciaries under trust agreements to be reported as unclaimed after 2 years dormancy. Effective October 1, 2013

Hawaii SB1265 - Limits unclaimed property finder fees to 25% of the total property value. Effective October 1, 2013

OTHER RESOURCES
UPPO govWATCH
2013 HOLDERS SEMINAR - CHICAGO, August 14-15


The analysis and opinions expressed herein are those of the authors and do not necessarily represent the views of the Unclaimed Property Professionals Organization or its officers, directors or members. This summary document provides background information and is not intended as a substitute for legal advice.

Tags:  Advocacy  Compliance  Gift Cards  Insurance  UP Laws 

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