Tag Archives: Insurance

US States Holding More Than $30bn In Unclaimed Cash And Property

While Mr. Schwarzenegger is terminating all the public expenses he’s able to, the state of California is holding on to nearly USD 6 billion in form of unclaimed property, belonging to approximately 11,6 million individuals and organizations. The various US states are currently holding unclaimed cash and property mounting to more than USD 32 billion.

“The California State Controller‘s Office has been successful in returning more than  USD 1 billion worth of unclaimed property to its owners.”


California state controller’s office is putting up never-before-efforts to reach the owners of unclaimed property, according to the website CashUnclaimed.com. From January 2007 until the end of 2009, the office sent out 3,17 million notices warning owners that their property was likely to be taken over by the state. The question of success is a matter of opinion.


“The efforts have started showing encouraging results. The California State Controller’s Office has been successful in returning more than $1 billion worth of unclaimed property to its owners,” CashUnclaimed.com writes.

One out of seven……well, I guess Mr. Schwarzenegger’s tax collectors can book a few more tax dollar, but I wouldn’t go so far and call the almost three year long project a “success.”

In addition to the 3,7 million notices, 1,89 million notices are sent to suspected owners informing them that their property have been taken under the state custody.

The state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office.

Source of Revenue

In spite of the efforts by the state authorities, California is still sitting over the mound of unclaimed cash and property.

“The state is looking at this huge cache of money as a source to fill the budgetary deficit of the state as it is certain that a large chunk of this will remain unclaimed forever,” CashUnclaimed.com writes, adding:

“More and more Californians are coming forward to stake their claim over the property that they had forgotten somewhere down the line.”

Hey! That reminds me; I still have that beach house….I’ve totally forgot!

Sure…

Who Owe The Norwegian PM 100 Dollar?

According to the website, it is estimated that 9 out of 10 Americans are owed cash that sits unclaimed year after year.

Those who are still not taken any initiative to find any unclaimed cash in their name can log on to the site; http://www.cashunclaimed.com, and check if they have some hidden treasures.

It’s got one of the largest databases for unclaimed money in the world.

The current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states and several Federal agencies.

Unfortunately, the search engine could not locate any outstandings belonging to me.

However, it seems like someone in the US owe the Norwegian prime minister, Jens Stoltenberg, the crucial amount of one hundred dollar.

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Broker Starts Distressed Assets Group

Willis North America, a subsidiary of insurance broker Willis Group Holding, has started a distressed assets practice to advise clients on how they can manage the risks associated with distressed, foreclosed or abandoned properties.

“Major areas of focus include property, liability and environmental insurance.”

National Mortgage News Online


The Group of distressed assets will bring together resources from Willis’ real estate and hotel, construction, environmental, executive risks, financial services and mergers and acquisitions practices, and its loan protector unit, according to Structured Finance News.

The new unit will be headed by Brian Ruane, national real estate and hotel practice leader, who founded the Willis  Holding Group in 2005.

The distressed assets practice seeks to coordinate capabilities from across the Willis’ practice areas to structure insurance programs that respond to a range of risk management and insurance issues related to distressed assets.

Major areas of focus include property, liability and environmental insurance; forced-placed coverage; insurance for real estate-owned assets; professional liability insurance and construction insurance for incomplete projects.

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Norway: Storebrand Subsidiary Sued Over Insurance Contracts

The Swedish  subsidiary of Norwegian insurer, Storebrand ASA, (STB) have Wednesday recivied a lawsuit from The Swedish Confederation of Swedish Enterprises, regarding adjustments in pension contracts. The outcome of the lawsuit is of principal importance as the outcome may affect similar contracts.

“The likelihood of an outcome in favor of the claimant is being low.”

Storebrand ASA


The Swedish Confederation of Swedish Enterprise claims SEK 2,5 million from SPP Livförsäkring AB after the insurance firm made adjustments of benefits in pension insurance contracts, Storebrand ASA says in a market statement.

“The lawsuit is regarding indexations of the insurance contracts, and is of principal importance as the outcome may affect similar contracts within the DB portfolio,” Storebrand (STB) writes.

SPP Livförsäkring AB is Storebrand’s Swedish life and pensions subsidiary, and have Wednesday received a lawsuit from Svenskt Näringsliv (The Swedish Confederation of Swedish Enterprises) regarding the interpretation of pension adjustments in the Defined Benefit (DB) portfolio, Storebrand explains.

Svensk Näringsliv clamis SEK 2,5 million after the adjustments in the insurance contracts – adjustments they obviously don’t like.

Of Principal Importance

But here’s the essential:

“The lawsuit is regarding indexations of the insurance contracts, and is of principal importance as the outcome may affect similar contracts within the DB portfolio.”

In fact, not only SPP’s and Storebrand’s contracts can be effected; the term “Defined Benefits” is used in most pension insurance contracts, by most Scandinavian insurance companies.

Probably also in most European.

And that makes it really interesting.

Expects To Win

However, Storebrand/SPP are pretty confident that they will win the lawsuit:

“SPP Livförsäkring AB has obtained legal opinions from Swedish law firms, which shares the company‘s view on the likelihood of an outcome in favor of the claimant as being low. SPP Livförsäkring AB will on the basis of this not make any provisions for the claim,” the Storebrand management says in the short statement that was released just as markets closed in Oslo this afternoon.

STB share price. 061610.

DnB NOR Lost

On Tuesday, Norway‘s leading bank, DnB NOR (DNBNOR), lost a principal lawsuit filed against the bank by a private investor who lost all his money after buying structured savings products from the bank. The local court in Oslo concluded that the investor was misled and not sufficiently informed about the risk related with the products.

A large group of Norwegian private investors are now preparing a class action suit against DnB NOR that could cost the bank NOK 15 billion.

DnB NOR has appealed the courts ruling.

Related by the Econotwist:

DnB NOR’s Latest Fuck-Up

DnB NOR Except Penalties of NOK 26 million

DnB NOR: “Comprehensive System Failure”

How To Make A Rat Look Like A Puppy

Banks Face Multi-Hundred-Million Dollar Settlements

You Sue Me, I Sue You, Oh Peggy, Peggy Sue

Norwegian Up- and Downgrades

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