Our team of professionals has extensive experience providing unclaimed property consulting services to all business industries, and managing and processing annual state reports and due diligence requirements for all states (including the District of Columbia, Virgin Islands, Puerto Rico, Guam, and applicable Canadian provinces). Our unique rapport with individual state administrators and staff benefits our clients to reduce risk, time and cost to your company.
Operational Review & Liability Risk Assessment
- Comprehensive high-level review of your company’s records and accounting systems.
- Identify and quantify any liability subject to unclaimed property reporting.
Exposure Analysis & Liability Mitigation
- Analysis of identified liabilities.
- Application of defensible mitigation solutions.
- Use of exemptions and due diligence communications to minimize the amount of liability reportable for past due property.
Statistical and Quantitative Analysis
Whether your company is under audit, considering voluntary compliance, or evaluating your current processes for possible improvement, a statistical analysis is a time and cost saving solution to identifying your potential unclaimed property liabilities.
Voluntary Compliance Initiation and Negotiation
Your company can proactively initiate voluntary compliance efforts with most states to benefit from reporting past due unclaimed property without incurring additional significant filing penalties and interest.
Audit Defense & Management – State and Third Party Audits
- In the unfortunate event that your company is selected for audit, our team will help you by analyzing the audit requests and findings todetermine the validity and accuracy of the auditor’s requests and assessments.
- Multistate audit firms are extremely aggressive, burdening your company with lengthy audit requests and demands for remediation documentation.
- Most audit firms use extrapolation methodologies that may not fully represent your liability.
- We are familiar with these techniques, and can assist you and your company in successfully defending your position.
Policy and Procedure Development & Enhancement
- Development of tailored procedures and policies specific to each property type your company will need to maintain compliance and defend in an audit.
- Our procedures can be formatted for your individual needs, from a simple overview to step-by-step desk manuals.
Insurance Industry – Regulatory and Escheat Support Services
- In the last several years, states have enacted legislation that requires insurance industry holders to perform periodic searches of their customer policy databases to the Social Security Administration’s Death Master File (DMF).
- Our proprietary process provides death master file match reports of both exact and algorithmic or fuzzy matches for regulatory, audit and data & analytical support including market conduct exams.
- Our InSmart match tracking application is designed to allow the company to track the review progress for each of the matches and provides documentation storage and reporting capabilities.
- We can assist with administrative and management services – relating to death claims, annuity policies, retained asset accounts, group life insurance plans & claims.
- For more information, go to our DMF Matching Solutions page.
Unclaimed Property Educational Training Workshops
Is your staff up to date on all the state specific requirements regarding unclaimed property? Let us provide a training session on site or through a secure webinar process. We will provide the curriculum, handouts and provide ample time for one-on-one questions and answers to ensure that your company is poised to be “unclaimed property proficient!”