Indiana Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Indiana | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before May 1 Non Life Insurance: Before November 1 | $50 minimum, written notice to last known address 60 to 120 days prior to report filing, first class mail or better. Email also required if owner has consented. | Not Required but strongly recommended | Not Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: online portal, check Securities: DTC or DWAC | Indiana Unclaimed Property |
The current statutes that govern unclaimed property in Indiana can be found here along with the Holder Reporting Manual. Indiana has enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Indiana Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Indiana is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
Indiana Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 120 days days before the unclaimed property report is filed. Email also required if owner has consented. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Indiana Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Life Insurance companies and before November 1 for Non Life Insurance companies.
Indiana Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Indiana Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online or by Check. Securities can be transferred through Depository Trust Company (DTC) or Deposit / Withdrawal At Custodian (DWAC).
Indiana Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Indiana does not require negative reports but strongly recommends them.
Indiana Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Indiana does not have a VDA program.
Indiana Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Indiana vary, refer to the state dormancy period in the Holder Reporting Manual. Some common property types are as follows: Wages, Payroll, Salary (1 year), Accounts Payable (3 years), Refunds (3 years).
More information from the state of Indiana on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.