The month of December is rather quiet for unclaimed property filers. The remit report for California was due for life insurers by December 1st. Puerto Rico has filings due the 10th for 20th. Life insurance companies have a Delaware filing due December 20th. These filings only affect a small portion of companies. What should you do with the rest of the month? Get ready for January due diligence.
Almost all of the spring filing states have a due diligence time frame that runs from the beginning of January to the beginning of March. You can start gathering your data now to get a jump on due diligence.
Life Insurance companies, you'll need to gather data for Arizona, Colorado, DC, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Montana, Nebraska, Nevada, New Jersey, New Hampshire, New Mexico, North Carolina, North Dakota, Oklahoma, South Dakota, Tennessee, Vermont, Virginia, and West Virginia.
Insurance companies other than life, you'll want to gather data for Florida, Georgia, New Hampshire, Tennessee, and Vermont.
All companies will want to gather data for Florida, Tennessee, and Vermont.
Most of these states want you to send letters for property greater than $50 in value. Visit the state websites or contact your software provider for specific requirements per state.
Author: Danielle Herring
Product Manager, UPExchange
Labels: Unclaimed Property
