The Tax & Accounting business of Thomson Reuters was selected to help finance executives at insurance companies navigate through the various regulatory responsibilities and complex unclaimed property laws during the 2010 IASA conference in Grapevine, Texas.
Kathy Moyer, senior manager, Unclaimed Property Group, Thomson Reuters co-presented Unclaimed Property: What You Don't Know Can Hurt You
Unclaimed property collections exceed hundreds of millions of dollars in annual receipts for the various states and with the majority still in deficit (source: Center on Budget and Policy Priorities, "Recession Continues to Batter State Budgets; State Responses Could Slow Recovery," February 25, 2010), states are expected to more stringently enforce and expand the scope of existing unclaimed property laws.
"Unclaimed property is not a tax and as states are struggling to find additional resources for generating revenues, we are seeing more and more states aggressively enforce these laws," said Mark Paolillo, senior director, Unclaimed Property Services, ONESOURCE Property Tax, Thomson Reuters. "Every insurance company has the potential to generate an unclaimed property liability and needs to understand the requirements, as well as to proactively establish effective processes to ensure that they are in compliance or face costly audits and reputation risk."
Unclaimed property held by an insurance company must revert to the state of the owner's last known address or state of incorporation if the address is unknown. Failure to properly comply with these statutes may subject the company to both state and federal implications. Unclaimed property specific to insurance companies can include, but are not limited to:
- Individual and group policy benefits and claims paid
- Agent credit balances
- Proceeds from matured policies and endowments
- Proceeds due beneficiaries
- Demutualization cash/securities
- Death claims
- Limiting age (Superannuated)
- Amounts due under other insurance policies other than Life
- Premium over payments and refunds
More information can be obtained about IASA 2010 at http://www.iasa.org/Members/Content/NavigationMenu/2010AnnualConference/default.htm. More information on Unclaimed Property and ONESOURCE Property Tax from the Tax & Accounting business of Thomson Reuters can be obtained at http://www.onesource.thomsonreuters.com/propertytax/.
About Thomson Reuters:
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The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/.
About IASA 2010: The IASA 2010 Annual Educational Conference and Business show provides the most comprehensive educational program and business show targeted for financial and technology professionals in the insurance and financial services industry. Held June 6-9, the event will provide an unparalleled forum for education that will enhance attendees' knowledge and career potential. For more information about IASA 2010 visit: http://www.iasa.org/Members/Content/NavigationMenu/2010AnnualConference/default.htm.
About IASA 2010:
The IASA 2010 Annual Educational Conference and Business show provides the most comprehensive educational program and business show targeted for financial and technology professionals in the insurance and financial services industry. Held June 6-9, the event will provide an unparalleled forum for education that will enhance attendees' knowledge and career potential. For more information about IASA 2010 visit: http://www.iasa.org/Members/Content/NavigationMenu/2010AnnualConference/default.htm.