On February 12, the FDA issued a final rule regarding the use of Drug Master Files (“DMF”) in Biologics License Applications. DMFs are submissions to the FDA “used to provide confidential, detailed information about...more
After almost a decade of frustration, the dust has finally settled on the era of life insurance/annuity unclaimed property regulation by audit. Not without pain, though, as many endured multi-state, multi-year audit processes...more
On June 3, 2020, Florida’s First District Court of Appeal issued a 2–1 decision in Patronis v. United Insurance Company of America, reversing a 2018 trial court decision in which life insurance companies had successfully...more
The Unclaimed Life Insurance Benefits Act, which requires insurers to periodically match their policies, annuity contracts, and retained asset accounts against the United States Social Security Administration’s Death Master...more
On September 13, New Jersey became the latest state to enact legislation governing unclaimed life insurance benefits. Gov. Chris Christie (R) signed New Jersey Assembly Bill 2511 into law as P.L.2017, s.236 (the “Act”), which...more
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more
In April, Florida amended its Disposition of Unclaimed Property Act (“Act”) to require life insurers to perform Death Master File (DMF) searches for all policies issued since 1992. The amended Act also provides that a DMF...more
In June, the National Technical Information Service (NTIS) promulgated a final rule setting out the requirements to become certified to access the Death Master File (DMF). The final rule amends the DMF certification program...more
Amendments to the Florida Disposition of Unclaimed Property Act in 2016 made significant changes to unclaimed property presumptions and insurance company obligations. See § 717.107, Fla. Stat. (2016) (the Act). Among other...more
Background - Unclaimed Property: It’s not just about life insurance. The same contingency-fee unclaimed property auditors that targeted unclaimed life insurance proceeds are now turning their focus to other types of...more
Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission (ULC or Commission) Committee to Revise the Uniform Unclaimed Property Act (Drafting...more
Two months into the fiscal year and the government is still operating under a continuing resolution (CR). With the CR set to expire at 11:59 pm on Monday, August 31, House and Senate leadership agreed this week to extend the...more
When a U.S. insurance regulator investigates market conduct or financial solvency, its work is governed by a state law based on the NAIC Model Law on Examinations. Like the Model Law, all state laws strictly protect the...more
On May 29, the National Association of Insurance Commissioners (the NAIC) Unclaimed Benefits Model Drafting (A) Subgroup (the Subgroup) met to discuss regulator and industry materials submitted to the Subgroup and identified...more
Late this summer, the Massachusetts Treasurer demanded mutual fund records on a nationwide basis as part of a multistate unclaimed property audit. Thirty-five (35) states are involved in the audit, but the Treasurer has...more
On September 4, the Louisiana Department of Insurance issued Advisory Letter 2014-04 (the "Advisory") to advise all life and annuity insurers licensed in Louisiana regarding use of the Social Security Administration's Death...more
The deadline is quickly approaching for participation in the Delaware Secretary of State's Unclaimed Property Voluntary Disclosure Program. Businesses have until June 30, 2014, to enroll in the program, and another year to...more
Amidst ongoing multistate unclaimed property audits of many life insurers, and despite many regulatory settlements, the insurance industry and state regulators continue to disagree over the application of unclaimed property...more
The battle over unclaimed property continues to spawn increased litigation and regulatory activity. Litigation Highlights - In December 2013, a West Virginia court dismissed 63 lawsuits brought by the Treasurer...more
Today, the U.S. Department of Commerce’s National Technical Information Service (NTIS) put into effect a certification program required for any person or entity seeking to access information during the three-year period...more
In response to privacy-related concerns about the potential misuse of the Social Security Administration's Death Master File (DMF), Congress restricted access to the DMF in late 2013. Section 203 of the Bipartisan Budget Act...more
In a substantial victory for the life insurance industry on the unclaimed property issue, a West Virginia Circuit Court has held that insurers have no duty to search the Social Security Administration’s Death Master File...more
In a recently released update to its Unclaimed Property Holder Handbook (Handbook), the California State Controller’s Office has apparently taken the position that life insurers must search the Social Security Death Master...more
On April 16, 2013, the Senate Finance Committee held a hearing on “Tax Fraud and Tax ID Theft: Moving Forward With Solutions,” including testimony on proposals to restrict access to the Social Security Administration’s Death...more
Over the past two years, states have undertaken various initiatives – including audits, exams, regulations, and legislation – intended to require insurers to compare their life insurance policy records with the record of...more