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Staking claims: unclaimed property update Q1 2013

USA - April 5 2013 April 2, 2013 - Yesterday's litigation developments in West Virginia and Kentucky put an exclamation point on the abundant activity occurring in the…

Anthony Cicchetti, Steven Kass, Irma Reboso Solares

States seeking to adopt new unclaimed property requirements

USA - June 4 2012 Insurers’ unclaimed benefits practices continue to occupy state regulators, many of whom are introducing and adopting initiatives addressing their concerns.

No let-up in sight - continued scrutiny of unclaimed benefits practices

USA - March 20 2012 All indications are that 2012 will bring continued scrutiny of insurers’ unclaimed benefit practices.

Is insurer’s use of retained asset accounts a breach of ERISA fiduciary duties?

USA - March 20 2012 In two recent opinions, federal district courts came to conflicting conclusions on the issue of whether insurers of ERISA-governed employee welfare benefit plans breached their fiduciary duties when they retained and invested for their own profit the funds backing retained asset accounts (RAAs).

Model Unclaimed Life Insurance Benefits Act adopted by NCOIL

USA - November 28 2011 On November 20, 2011 the Executive Committee of the National Conference of Insurance Legislators ("NCOIL") approved the Model Unclaimed Life Insurance Benefits Act (the "Unclaimed Benefits Model Act"), which requires insurers to periodically review the Social Security Administration's Death Master File for deceased life insurance policyholders and retained asset account ("RAA") owners.

Ann Black, Steven Kass