Escheat Reports (AC Sept 2024)
During RESA audits we ask if an escheat report has been filed in the past 12-months. We look for outstanding check dates over a year old and trial balances over a year old.
The Bureau of Insurance considers remitting escheat funds to the Virginia Treasurer a serious matter.
What are the rules or guidelines to escheat? Here is our reference Guide. This guide is housed in StarsLink. You will find a sample Due Diligence letter in Word, required for funds over $100. Remember the official deadline to submit the escheat report is November 1st.
Do you have a large amount of escheat funds to report and would like assistance? Please reach out to your agency representative for outside vendor referrals.