Arkansas, a fall reporting state, has not been one of the states that regularly charges interest on late reported property. However, they have been sending notices out to holders remitting late property that they may begin charging interest and penalties beginning with the 2012 reports.

The text of the notices includes:

In a new regular feature, Barganier will be profiling unclaimed property audits that went awry. These audits provide insight into the auditor's methods and motives, as well as stress the importance of ongoing compliance.

What happens when a Delaware Voluntary Disclosure Agreement (“VDA”) goes bad? In the case of Computer Associates, Inc. (“CA”), the VDA is terminated and Delaware opens a full blown audit. CA had an initial VDA estimate of $685,000 in 2005. When CA and Delaware finally settled under litigation in February 2010, CA paid $17,650,000 to the state.

States are increasing enforcement of unclaimed property statutes. Unlike many state compliance areas, there is little guidance from the U.S. Supreme Court or Congress, leaving a wild west feeling to unclaimed property. To help you get a handle on unclaimed property, Barganier and Associates has prepared this Top 10 tips for insurance companies for handling unclaimed property liabilities.

New York has changed the broker that handles securities for the Office of Unclaimed Funds (OUF). Citibank is now the broker of record for the OUF. If your company is reporting securities, please make sure that the account numbers are updated before sending your wire transfer.

All transferred securities must be registered in the name of the Comptroller. Securities that are transferred in any other name will be returned, thus leading to interest assessments.