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