Ohio Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Ohio | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before April 30 Non Life Insurance: Before October 31 | $50 to $1000, first class mail. $1000+ certified mail with return receipt requested. Minimum of 30 days for the owner to respond prior to filing. | Required | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal or on CD. Manual entry also available on the online portal. | Funds: ACH Debit, Credit Card, Check Securities: DTC, DRS, DWAC | Ohio Unclaimed Property |
The current statutes that govern unclaimed property in Ohio can be found with the Unclaimed Funds Annual Report. Ohio has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Ohio Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Ohio is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
Ohio 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 at least 30 days before the unclaimed property report is filed. Properties with a balance greater than $1000 must be sent by certified mail with return receipt requested. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Ohio Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before April 30 for Life Insurance companies and before October 31 for Non Life Insurance companies.
Ohio 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.
Ohio Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal or on CD. Funds can be transferred online, through ACH Debit, Credit Card or Check. Securities can be transferred through Depository Trust Company (DTC), DRS or Deposit / Withdrawal At Custodian (DWAC).
Ohio 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. Ohio requires negative reports.
Ohio 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. Ohio does have a VDA program.
Ohio Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Ohio vary, refer to the state dormancy period in the Unclaimed Funds Annual Report.
More information from the state of Ohio 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.