The Nevade Treasurer’s Office has announced that it expects to collect $1 million in connection with a recent life insurance unclaimed property review.
California Controller John Chiang made headlines in April when he announced that an audit of John Hancock, Boston, and 19 other life insurers had identified more than $20 million in life insurance unclaimed property at John Hancock.
The Unclaimed Property Office at the Nevada Treasurer’s Office will be getting the $1 million in connection with the agreement that John Hancock, a unit of Manulife Financial Corp., Toronto (TSX:MFC), negotiated in response to the audit findings, Nevada officials say.
Nevada classifies insurance and annuity assets as unclaimed property if an insurer cannot reach the rightful owner of the property for 3 years.
A state can use the unclaimed property while waiting for the owner to appear and file a claim for the property.
- Allison Bell
Other unclaimed property coverage from National Underwriter Life & Health:
- Unclaimed Property: New York Requires Use of Death Master File
- Unclaimed Property: California Regulators Share Authority with Verus
- California Regulators: When Did You Computerize Your Records, and When Did You Sweep Them?
- McCarty: Unclaimed Property Probe Could Bring in “North of $1 Billion”
- States Form Task Force, Hire Verus to Look at Unclaimed Property Procedures