insurance policies

What Will Delaware Do About Abandoned Properties?

Delaware Senate to vote on abandoned property bill

The Delaware Senate is set to vote on a bill reforming Delaware's abandoned property laws.

Abandoned property is a critical source of funding for Delaware's state government, amounting to about half a billion dollars annually and representing the state's third-largest revenue category.

But it's also been the subject of several lawsuits by companies challenging the aggressive way Delaware has gone after abandoned property, which can include unclaimed stocks and bonds, insurance policies, uncashed checks, unclaimed wages, dividends, even unredeemed rebates and gift certificates.

The bill to be voted on Thursday adopts certain recommendations from a state task force and includes revisions aimed at bringing more predictability, efficiency, and fairness to unclaimed property reporting and compliance rules.

Copyright AP - Associated Press
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