With more than half of Fortune 100 companies currently or recently undergoing an unclaimed property audit, the combined offering, which includes Thomson Reuters unclaimed property consulting and compliance services, as well as UPRR’s owner location service, will enable companies to elevate compliance and minimize risk pre-escheat.

“We are seeing more and more states aggressively enforce their unclaimed property laws as they continue to recover from the recession,” said Mark A. Paolillo, CPA and vice president of ONESOURCE Unclaimed Property. “By teaming with UPRR, we are able to offer our clients even more resources to help them comply with the increasingly enforced and complex unclaimed property laws.

“ONESOURCE Unclaimed Property provides companies with a diverse and focused team of specialists that offer a wide array of services to help them understand the state requirements and proactively establish effective processes to ensure they are in compliance and minimize the risk of protracted and costly audits.”

Unclaimed property collections exceed hundreds of millions of dollars in annual receipts for the various states. With the majority still in deficit (source: Center on Budget and Policy Priorities, “States Continue to Feel Recession’s Impact,” July 17, 2011), they are expected to more stringently enforce and expand the scope of existing unclaimed property laws.

“Many states see unclaimed property as a way to raise revenue without increasing taxes,” said Bob Irvine, UPRR co-founder and president. “Working with Thomson Reuters is just one of the many ways UPRR is helping companies achieve compliance with confidence, while putting funds where they belong – in the hands of rightful owners.”

The full text of the press release can be found here.

About Thomson Reuters

Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.

About Unclaimed Property Recovery & Reporting (UPRR) LLC

Since 1996, UPRR has developed customized solutions to minimize liability and risk for organizations by locating investors, motivating them to action and reconnecting them with their assets. Unclaimed property laws and regulations change constantly, increasing risk for corporations. With UPRR’s Pre-Escheat Location Program (PEL), the company offers corporations a turn-key solution to improve customer relations by reuniting owners with their property. In turn, the process reduces the corporation’s exposure to liability, interest and penalties. To date, UPRR has reunited millions of owners with billions in assets.

Highlights of the conference also included sessions designed to address payment issues, processes, and management issues related to compliance with regulations that impact all organizations, including new 1099 and IRS regulations and presentations by unclaimed property officials representing  the states of Nevada and Utah.

The audit was conducted by Verus Financial, LLC on behalf of 37 states and the District of Columbia.  While Hancock is the first insurer to take part in an agreement to transfer millions of dollars in unclaimed property to the states, Verus will continue audits of additional insurance companies on behalf of participating states to determine amounts that may be owed.  These audits have largely been spurred by concerns that existing laws did not require insurance companies to identify policy holders who have died and notify  beneficiaries.  There has been no allegations that insurers were not complying with all applicable laws.

The State estimates an additional $300,000 to be turned over shortly, bringing the total amount of the settlement to just over $500,000.  During FY 2011, the Treasurer’s Office received more than $8 million in new unclaimed property while paying out only $4.2 million of the $56 million it holds for claimants.

The full text of the State’s release can be found here.

Various members of UPRR’s experienced team of unclaimed property professionals will offer their take on the news of the day relating to public company stocks, mutual funds, insurance, and oil & gas royalties and the implication of the ever-changing state unclaimed property laws.

Please check back often, comment on our blog posts to start a dialogue and help us build our online community. We look forward to interacting and discussing hot topics with you in the very near future.

Oil and gas companies have a continuing need to maintain contact with mineral interest owners in order to, among other things, effectuate leases, purchase interests, circulate division orders, and disburse royalty payments.  When interest owners go missing or become lost, they present a special challenge to those tasked with locating them.  These problems of owner location are amplified when it is heirs or next-of-kin that must be sought out because an original owner is deceased.

UPRR recently announced a specific Oil & Gas Royalties program that will assist companies in finding lost mineral interest owners. Partnering with InfoAge will further enhance UPRR’s ability to connect with these lost owners thereby creating the most comprehensive owner location service available to the market.

“Companies in the oil and gas industry continue to be at risk because they do not have all the powerful tools needed to efficiently and effectively locate lost and missing mineral interest holders,” said UPRR president Bob Irvine. “We are extremely confident that UPRR’s experience in locating lost shareholders, insurance policy holders, and mutual fund owners combined with the powerful technology provided by InfoAge will deliver a powerful solution for oil and gas companies with similar owner location problems.”

Along with the ability to locate current owners of mineral interests,  the Next of Kin® database, which was jointly developed by UPRR and InfoAge, sorts through the multigenerational issue faced by oil and gas company professionals when looking for beneficiaries or heirs of original owners by using advanced algorithms to sort through an owner’s family tree.

“We are thrilled to partner with UPRR to provide oil and gas companies with efficient, economical solutions as they face the daunting task of finding missing owners or their heirs,” said Anthony Marinaro, Vice President and Principal, InfoAge. “We are confident that this partnership will create a a unique and powerful solution for oil and gas industry professionals tasked with locating mineral interest owners.”

About Unclaimed Property Recovery and Reporting, LLC

Since 1996, UPRR has developed customized solutions to minimize liability and risk for organizations by locating investors, motivating them to action and reconnecting them with their assets.  UPRR also provides a proprietary escheat compliance system that meets or exceeds the reporting requirements of the 54 unclaimed property jurisdictions in the United States and its territories.  Unclaimed property laws and regulations change constantly, increasing risk for corporations. With UPRR’s Pre-Escheat Location Program (PEL), the company offers corporations a turn-key solution to improve customer relations by reuniting owners with their property.  In turn, the process reduces the corporation’s exposure to liability, interest and penalties. To date, UPRR has reunited millions of owners with billions in assets.

About InfoAge

Established in 1996, InfoAge, Inc. is an information solutions company specializing in serving the financial, human resources, and gas & oil Industries.  InfoAge’s products and services support client efforts to maintain and validate critical data elements to manage customer contact, industry compliance and business objectives. InfoAge’s strength is delivering critical digital identifiers for both individuals and businesses utilizing over 400 data sources and complex algorithms to insure the highest level of accuracy.   Clients benefit from InfoAge’s ability to provide industry insight while developing and deploying customized solutions. InfoAgeSearch.com is the Internet based solution developed by InfoAge to provide clients with secure direct access to the required data elements. InfoAge has remained on the leading edge in the development and deployment of their products and services, exceeding the demands of both its customers and their regulatory bodies.

King is responsible for research, development, and various legal matters in the Oil & Gas Program. A native of Texas, King began his career in the litigation departments of Steptoe and Johnson, LLP in Washington, D.C., and Phelps Dunbar, LLP in New Orleans. He is a graduate of George Washington University and will receive his J.D. from Suffolk University Law School in 2011, where he is a note editor for the Suffolk University Law Review and a member of Phi Delta Phi legal fraternity. King will work in UPRR’s Boston office.

Based in Dallas, Cary will oversee sales and account management in the Oil & Gas Programs. He has deep experience serving clients in the oil and gas and financial services industries through management positions at American Stock Transfer and Trust Company, BNY Mellon Shareholder Services, and NationsBank, N.A.  Prior to these executive assignments, Cary served as a corporate trust account manager and registered bond specialist.

Both join UPRR’s already experienced and highly qualified team of unclaimed property professionals.

“We see tremendous opportunities for our clients in the oil and gas industry,  and believe that Will and David are the right people to lead this growth,” said UPRR Co-Founder and President Robert Irvine. “Both bring tremendous skills and knowledge of unclaimed property and the oil and gas industry to our team and it’s a great pleasure to welcome them to the company.”

Oil and gas companies have a continuing need to maintain contact with mineral interest owners in order to, among other things, effectuate leases, purchase interests, circulate division orders, and disburse royalty payments.  When interest owners go missing or become lost, they present a special challenge to those tasked with locating them.  These problems of owner location are amplified when it is heirs or next-of-kin that must be sought out because an original owner is deceased.

For years, UPRR has employed proprietary technologies, including its Next-of-Kin® Database – the most efficient and powerful search tool in the industry – to locate lost owners and their heirs in varying contexts.  Now, UPRR has specifically tailored these resources to create its Royalty Owner Location Service (ROLS) to be employed by oil and gas companies to relieve the burden and challenges that owner location and unclaimed property pose. With UPRR’s introduction to this space, oil and gas companies will now have breakthrough tools available to locate potential lessees and ensure royalty payments avoid suspense. UPRR also has the resources to work actively with owners to collect any required documents to release assets that may be held in suspense and for other company needs.

Oil and gas companies have a continuing need to maintain contact with mineral interest owners in order to, among other things, effectuate leases, purchase interests, circulate division orders, and disburse royalty payments.  When interest owners go missing or become lost, they present a special challenge to those tasked with locating them.  These problems of owner location are amplified when it is heirs or next-of-kin that must be sought out because an original owner is deceased.

For years, UPRR has employed proprietary technologies, including its Next-of-Kin® Database – the most efficient and powerful search tool in the industry – to locate lost owners and their heirs in varying contexts.  Now, UPRR has specifically tailored these resources to create its Royalty Owner Location Service (ROLS) to be employed by oil and gas companies to relieve the burden and challenges that owner location and unclaimed property pose. With UPRR’s introduction to this space, oil and gas companies will now have breakthrough tools available to locate potential lessees and ensure royalty payments avoid suspense. UPRR also has the resources to work actively with owners to collect any required documents to release assets that may be held in suspense and other company needs.

UPRR’s experience allows it to be a one-stop shop for unclaimed property solutions to reduce unclaimed property liability.  UPRR’s knowledgeable professionals are able to address a myriad of state compliance issues and questions, assist with reporting obligations, and can provide assistance or defense in the event of an audit.  Still, UPRR believes active owner location is the best risk mitigation tool.  Royalty suspense accounts, for example, may provide attractive unclaimed property audit targets to state governments looking for new, non-tax revenue sources.  By locating owners and paying out these funds, oil and gas companies can reduce their risk and overall escheatment liability.

“Far too many companies in the oil & gas industry are at risk because historically insufficient tools existed to locate and pay mineral interest holders,” said Bob Irvine, president of UPRR. “UPRR has nearly two decades of experience in assisting companies in locating lost investors. We will now combine this experience with our industry-best technology to help oil & gas companies locate their lost or missing royalty holders to reduce risk and increase efficiency.  In all the searches UPRR has performed on behalf of oil and gas companies we have seen a remarkably high success rate in owner location, and we are excited to bring these results to other industry participants.”

“The law requires insurance companies to begin the claims payment process upon notification of death.  However, in recent months, life  insurance providers have come under increased scrutiny for following the law, rather than proactively identifying deceased policyholders,” said UPRR president Bob Irvine. “Although there were no requirements to act differently, unpaid or unclaimed policies now pose significant risks to insurance companies, and UPRR knows the most effective way to reduce this risk and avoid costly interest assessments is to find and pay the owners proactively rather than escheating.”

States such as California and Florida have led the charge to change the standard for claim initiation, which will result in a tremendous increase in escheatment.  New York is requiring more than 160 insurance companies immediately to change practices and proactively pay life insurance benefits to policy beneficiaries, and has demanded results by September 30th.

Working together, UPRR and InfoAge will partner to provide the most powerful search engine in the industry for locating policy beneficiaries.  This Next of Kin® database, jointly developed by UPRR and InfoAge, efficiently and effectively sorts through the multitude of multigenerational issues presented when looking for beneficiaries.  Additionally, all valid search criteria mandated by the states can be incorporated into searches of the Next of Kin® database in order to comply efficiently with state compliance requirements.

“We are thrilled to be able to pair UPRR’s experience in locating beneficiaries of decedents with our formidable data refining capabilities to provide life insurance companies with efficient, economical solutions as they face the daunting task of finding rightful owners,” said Anthony Marinaro, Vice President and Principal, InfoAge. “We are confident that this partnership will create the most powerful solution available to the life insurance industry.”