Unclaimed Property Compliance And The Insurance Industry

Law360, New York (August 1, 2012, 2:27 PM EDT) -- Unclaimed property compliance was once an area of law that received little attention. But compliance now is being pursued aggressively, resulting in unexpected and substantial liabilities for many companies. States are expending more resources to ensure compliance and are conducting more investigations into whether companies are properly reporting unclaimed property.

In particular, the life insurance industry has been under examination by state regulatory agencies for compliance with unclaimed property laws. States are retaining third-party auditing firms (on a contingency fee basis) to probe on their behalf...
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