Post on 19-Jan-2016
Susan VanceCompliance
Offi cer, FSITrack
Corky CootesHead of
Development, FSITrack
FSITRACK&
UNCLAIMED PROPERTY FILING:
WHAT YOU NEED TO KNOW
Filing purpose is to return unclaimed property (money) to its rightful owner(s)
Zeroing out ledger accounts
WHAT DOES IT MATTER?
Property Types Applicable To The Insurance Industry IN01 Individual Policy Benefits or Claim Payments IN02 Group Policy Benefits or Claim Payments IN03 Proceeds Due Beneficiaries IN04 Proceeds from Matured Policies, Endowments or
Annuities IN05 Premium Refunds IN06 Unidentified Remittances IN07 Other Amounts Due Under Policy Terms IN08 Agent Credit Balances IN99 Aggregate Insurance Property
HOW DOES IT APPLY
Other Applicable Property Types MS01 Wages, Payroll, Salary MS02 Commissions MS03 Workers Compensation Benefits MS08 Accounts Payable MS09 Credit Balance – Accounts Receivable
HOW DOES IT APPLY
General Ledger Scrubbing
Moving uncashed checks to an unclaimed ledger account 30, 60, 90 days – time frame designated by internal policies and
procedures
Due Diligence
The sooner attempts are made to find the owner, the better the chances are of returning the money to its owner
Must send a letter during statutorily prescribed time frame Generally 120-60 days prior to fi ling time frame Can be penalized if due diligence is not performed
GENERAL PROCESSES
Preliminary Filing Required by Puerto Rico
End of Year – December 31 (All Insurance Companies) Due Date - May 1
Required by California End of Year – December 31 (Life Insurance Companies) Due Date – April 30(Life Insurance Companies)
End of Year – June 30 (All Other Insurance Companies) Due Date – October 31 (All Other Insurance Companies)
GENERAL PROCESSES
Filings April 30/May 1 October 31/November 1
California Final Filing December 1- December 15 (Life Insurance Companies) June 1 – June 15 (All Other Insurance Companies)
Puerto Rico Final Filing December 20
Most life insurance companies report May 1 with a year end date of December 31. (30/54 reporting entities)
GENERAL PROCESSES
Paying Claims Death Master File Searches
Dormancy Start Date Date of notice Date of death
Finding Heirs Due diligence efforts
INSURANCE CO. CHALLENGES
UPPO
Unclaimed Property Professionals Organization www.uppo.org
NAUPA
National Association of Unclaimed Property Administrators www.unclaimed.org
HOLDER HELP
IRSCompliance Regulatory & Accounts Payable Conference
September, 2016Location TBD
www.irscompliance.org for more information along with emails
from FSI
HOLDER HELP
Susan VanceCompliance
Offi cer, FSITrack
Corky CootesHead of
Development, FSITrack
QUESTIONS