Susan Vance Compliance Officer, FSITrack Corky Cootes Head of Development, FSITrack FSITRACK & UNCLAIMED PROPERTY FILING: WHAT YOU NEED TO KNOW

 Filing purpose is to return unclaimed property (money) to its rightful owner(s)  Zeroing out ledger accounts WHAT DOES IT MATTER?

 Property Types Applicable To The Insurance Industry  IN01Individual Policy Benefits or Claim Payments  IN02Group Policy Benefits or Claim Payments  IN03Proceeds Due Beneficiaries  IN04Proceeds from Matured Policies, Endowments or Annuities  IN05Premium Refunds  IN06Unidentified Remittances  IN07Other Amounts Due Under Policy Terms  IN08Agent Credit Balances  IN99Aggregate Insurance Property HOW DOES IT APPLY

 Other Applicable Property Types  MS01Wages, Payroll, Salary  MS02Commissions  MS03Workers Compensation Benefits  MS08Accounts Payable  MS09 Credit Balance – Accounts Receivable HOW DOES IT APPLY

 General Ledger Scrubbing  Moving uncashed checks to an unclaimed ledger account  30, 60, 90 days – time frame designated by internal policies and procedures  Due Diligence  The sooner attempts are made to find the owner, the better the chances are of returning the money to its owner  Must send a letter during statutorily prescribed time frame  Generally days prior to filing time frame  Can be penalized if due diligence is not performed GENERAL PROCESSES

 Preliminary Filing  Required by Puerto Rico  End of Year – December 31 (All Insurance Companies)  Due Date - May 1  Required by California  End of Year – December 31 (Life Insurance Companies)  Due Date – April 30(Life Insurance Companies)  End of Year – June 30 (All Other Insurance Companies)  Due Date – October 31 (All Other Insurance Companies) GENERAL PROCESSES

 Filings  April 30/May 1  October 31/November 1  California Final Filing  December 1- December 15 (Life Insurance Companies)  June 1 – June 15 (All Other Insurance Companies)  Puerto Rico Final Filing  December 20 Most life insurance companies report May 1 with a year end date of December 31. (30/54 reporting entities) GENERAL PROCESSES

 Paying Claims  Death Master File Searches  Dormancy Start Date  Date of notice  Date of death  Finding Heirs  Due diligence efforts INSURANCE CO. CHALLENGES

 UPPO  Unclaimed Property Professionals Organization   NAUPA  National Association of Unclaimed Property Administrators  HOLDER HELP

IRSCompliance Regulatory & Accounts Payable Conference September, 2016 Location TBD for more information along with s from FSI HOLDER HELP

Susan Vance Compliance Officer, FSITrack Corky Cootes Head of Development, FSITrack QUESTIONS