December Unclaimed Property Update from Mike Ryan

We begin by wishing you all a happy and wonderful holiday season!

Important Dates:

December 1 – 15, 2023

• California life insurance remittance reports are due.

December 25, 2023

• Merry Christmas from the Linking Assets Family
• We hope you were on the Nice List!

December 31, 2023

• Depending on property types, Delaware due diligence letters to be mailed by the end of year.
• Cutoff date for spring states; check for assets which now meet the dormancy period criteria.

Best Practices 1 – Looking Ahead

December is a good month to review for legislative changes that will affect any spring reports:

• What is your industry and how do spring states affect your reporting requirements?

Best Practices 2 – Review your Due Diligence Letters

With the spring reporting preparations including due diligence starting in December, it is a great time to review your due diligence letters and refresh, as needed.

Best Practices 3 – Review your Retention Policy

Record Retention has always been a tricky subject within the unclaimed property world. How long do you retain records (usually ten years plus dormancy)? And what records do you need to keep along the way? Work with your legal and compliance advisors to ensure you keep the right records for the correct duration.

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A great New Year’s resolution is to escheat fewer accounts and dollars! Linking Assets can help you with an owner location and reengagement program.

Reactivate, reconnect, and reunify with your owners. Give us a call!

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