Insurance Companies Refusing To Turn Over Unclaimed Funds To States
Less than a month before November’s general election, the state treasurer again has accused 10 insurance companies of failing to comply with the state’s Uniform Unclaimed Property Act.
American General, Genworth Life and Annuity, Guardian Life, Erie Family Life, Great Western, Pruco Life, United of Omaha, New York Life, American Income and Western and Southern Life insurance companies are named in separate lawsuits filed Oct. 16 by John Perdue in Putnam Circuit Court. Like he did the month before with 10 other companies, Perdue accuses the insurers of holding onto proceeds due a beneficiary rather than turn it over to his office.
Under the unclaimed property law, a business that cannot locate the rightful owner of funds, such as proceeds from an insurance policy, stock dividend, utility deposit or paycheck, after a specified time must then forward it to the Treasurer’s office for safekeeping. READMOREHERE
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