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July 18, 2011 at 08:00 PM
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.
