September Unclaimed Property Update from Mike Ryan

September – time to prepare!

Important Dates:

September 10, 2023

• Reporting deadline for New York Insurance filings
• File proof of publication with NY State Controller for accounts that required New York advertising

October 1, 2023

• Tennessee is updating their software and payment systems and recommends you get your file in by October 1^st to ensure a smooth filing.  You officially still have to November 1^st to file

Best Practices 1 – Negative Reporting

September is a good month for processing and submitting negative reports:

• Do you have states with no property?
• September is a great month to prepare and mail those negative reports
• For some states you don’t even have to mail, you can indicate there is no property report in the state’s online reporting feature

Best Practices 2 – Plan for October!

With so many state (non-life insurance) report due dates before or on November 1, October will be a busy month; September is a good month to plan:

• Create a calendar!
• Identify timeframes to create reports, debit property, prepare for issuing checks and EFTs
• Check vacation schedules to ensure coverage and key employees will be available (i.e., sign reports, approve payments, etc.)
• Bonus tip: When is best to remit reports?
• For a smaller remittance, remit early;  it may help to be processed first
• By October 25^th, states have thousands of reports to process

Have any questions on the upcoming fall filings, please reach out to us.