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.”

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Nichole Morford

Nichole Morford
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