Office of the State Treasurer has concluded an 8 year examination of the company MetLife, returning more than $6 million of unclaimed property to the state.
Augusta, ME - State Treasurer Henry E.M. Beck, Esq. today announced his office has closed a multi-year examination of the insurance company MetLife, resulting in more than $6,000,000 delivered to the state's unclaimed property fund during the same timeframe. Conducted by Verus Analytics, a Kroll Business, the audit included life insurance, annuities, and retained assets. Forty three (43) other states also took part in the examination.
Unclaimed property occurs when an owner of an asset cannot be located after a specified period of time by the entity holding that asset. Items considered unclaimed property include bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and safe deposit box contents.
Maine conducts unclaimed property examinations using 5 third-party contractors that specialize in unclaimed property. These third-party examiners often work with other states on examinations like the one conducted on MetLife. Currently, Maine has over 350 active examinations. Each year, these examinations result in millions of dollars of unclaimed property returned to the state.
Treasurer Beck said of the examination, "These funds represent thousands of properties sent to my office. Receipt of these properties constitutes a fiduciary duty to the funds and statutory obligation to seek out the rightful owners. To date, we have returned $1.66 million of the $6 million and I encourage all Mainers to reach out to see if we are holding their property. Maine appreciates MetLife's willingness to cooperate in resolving this examination so that this property can be reunited with its rightful owners" he said.
At present, the Treasurer maintains $258,842,562 of Unclaimed Property. It is easy and free to file a claim. To file a claim, go to https://www.maineunclaimedproperty.gov/ and follow the easy to use instructions or call 207-624-7470 for assistance.
About OST: The Office of the State Treasurer provides state agencies with efficient banking and financial services, which include revenue collection, payment issuance, reconciliation, municipal revenue sharing and trust management. The Office also manages state investments and debt payments and issuance, ensuring that bonds authorized by voters are efficiently sold in the marketplace to provide funding for capital projects statewide. Over $260 million in unclaimed funds for Maine residents are managed by the Office of the Treasurer. FMI, https://www.maine.gov/treasurer
About Verus Analytics: Verus Analytics, a Kroll Business located in Waterbury, Connecticut, is a leading regulatory compliance provider of data-driven unclaimed property recovery services on behalf of state governments. FMI, www.vanalytics.com