Filed Under:Your Practice, Regulatory

West Virginia files 69 unclaimed property suits

One suit against Great Western Insurance Co. has already been dismissed with prejudice

West Virginia is throwing the book at 69 life insurance companies for alleged violation of state unclaimed property laws.

The suits are somewhat different than actions pursued against insurers in other states, such as California, because it demands payment of penalties and punitive interest if an insurer has been found to not have complied with the West Virginia escheat statue.

Specifically, the lawsuit said the insurers should have checked their lists of insureds against “readily available information,” for example, the Social Security Death Master File or “or other reliable databases available for use through third-party providers using the DMF information.”

In his motion, Stano argues that, “This alleged legal duty to search the DMF ("duty to search") does not exist in the unclaimed property Act or under any other West Virginia law.”

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date

Provided by LIFEHEALTHPRO

Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.