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Demutualization Update

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People Making Technology Work In 2001, Maine passed a demutualization law ... 'Abbreviated Abandonment Period' Approach. Demystifying Demutualizations ... – PowerPoint PPT presentation

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Title: Demutualization Update


1
Demutualization Update
NAST Treasury Management Conference Scottsdale,
Arizona 12.5.04
Presented by Paula Smith Executive
Consultant
2
In 2001, Maine passed a demutualization law In
2002, New Jersey passed a demutualization law In
2003, 17 states passed demutualization laws In
2004, 10 more states passed demutualization
laws 29 states and in all likelihood, more are
coming
3
Unclaimed Property Success Story
  • States acted quickly to pass legislation that is
    relatively uniform
  • Legislation has been passed with little or no
    opposition and with helpful input from the
    industry
  • To the surprise of the industry, many lost
    shareholders have been found as a result of state
    efforts

4
Demystifying Demutualizations
Lookback Approach
AR, IN, KY, ME, MA, NJ, SC, TN, VA
Lost Policyholder Approach
AK, CA, DC, FL, KS, LA, MI, MO, OK, PA, RI, TX,
VT, WI
Abbreviated Abandonment Period Approach
AL, CT, IA, NE, NH, NY
5
Dormancy Periods Measured by Date Lost, Date of
Last Contact or Date of Demutualization
  • 0 year 1
  • 1 year 1
  • 2 years 18 states
  • 3 years 5
  • 5 years 4

6
(No Transcript)
7
State Challenges Associated With Demutualization
  • Outreach
  • Claims
  • One-time event (collection spike)

8
Unbranded Website Developed By ACS For The Use Of
Any State http//www.claims-info.com
9
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