September Unclaimed Property Update from Mike Ryan
September – time to prepare!
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 1st to ensure a smooth filing. You officially still have to November 1st 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 25th, states have thousands of reports to process
Have any questions on the upcoming fall filings, please reach out to us.