It s Never Over: State Relationships Post Escheat

Transcription

1 It s Never Over: State Relationships Post Escheat Delores Dupras Amica Mutual Insurance Company Kathleen Lobell Louisiana State Administrator

2 UPPO Presentation Disclaimer Use of the Unclaimed Property Professionals Organization, Inc., (UPPO) name of copyrighted materials in this presentation does not constitute an endorsement by UPPO of a member, vendor, product or service. The content represents the opinions of the author and not necessarily those of UPPO. This information is not intended as legal advice and should not be used to replace the advice of legal counsel.

3 UPPO Antitrust Statement UPPO has a policy of strict compliance with U.S. federal antitrust laws. UPPO members and/or meeting attendees cannot come to understandings, make agreements, or otherwise concur on positions or understandings, make agreements, or otherwise concur on positions or activities that in any way tend to raise, lower or stabilize prices or fees. Members and/or attendees can discuss pricing models, methods, systems, and applications, as well as certain cost matters that do not lead to an agreement or consensus on prices or fees to be charged. However, there can be no discussion as to what constitutes a reasonable, fair or appropriate price or fee to charge for any service or product. Information may be presented with regard to historical pricing activities so long as such information is general in nature and does not include data on current prices or fees being charged in any trade area. Any discussion of current or future prices, fees, discounting, and other terms and conditions of sale, which may lead to an agreement or consensus on prices or fees to be charged, is strictly prohibited.

4 Today s Agenda This session will be an interactive discussion on why you want to keep open lines of communications between your company and your escheatment states

5 Penalty Notices

6 Penalty Notices A Holder s Perspective Oh no what do we do next? Who in your company should get involved? How should you respond Explain/Pay/Fight? What are the most likely states to issue penalty notices?

7 Penalty Notices A State s Perspective Louisiana statute allows a waiver penalty and interest Holder requests waiver Waivers are considered on a case by case basis Most likely to be assessed in an audit

8 Owner Claim Requests State Generated A Holder s View What information is the state looking for holders to provide/confirm? Does your company collect the data that the state is looking to acquire?

9 Owner Claim Requests A State s View Provide sufficient information when reporting Better reporting = less contact from the states

10 Owner Claim Requests Common issues Missing data A State s View SSN does not match name Multi-owner property with missing or inaccurate relationship

11 Holder Reimbursement s A Holder s View Set up a company policy and procedures on how to handle Holder Reimbursement s Is the rightful owner a current customer? What do the states require to process a reimbursement? Holder reimbursement form Copy of issued check vs. paid check What are the pitfalls?

12 Holder Reimbursements- A State s View Call the state before paying the owner Is the property still available? Record your intent to pay the owner to prevent payment in the interim

13 Holder Reimbursements A State s View Most, but not all, states accept the NAUPA holder reimbursement claim form Attach proof that the owner was paid or an explanation if the item was escheated in error Highest priority processing in most states

14 RECORDS RETENTION

15 Record Retention Period A Holder s View How much paper can you keep? What is electronic? What paper can be converted? Corporate policy State UCP policy Year of UCP Statue 3 rd Party Auditors

16 Record Retention Period A State s View Different states have different retention periods Provide additional information if necessary Audits-we really don t want to estimate!

17 Importance of Maintaining a good Relationship A Holder s View Questions about reporting Waive or adjust fees To be or not to be Audited Automatic reimbursements when your company is rightful owner

18 Importance of Maintaining a Good Relationship A State s View Holder reimbursements Correcting errors on prior reports Facilitate share delivery Statute interpretations and audit questions Who are you going to call?

19 QUESTIONS

20 Thank you for joining our presentation! Delores Dupras Amica Mutual Insurance Company X24724 Kathleen Lobell Louisiana State Administrator