Unclaimed property legislation for British Columbia, Alberta and Quebec aims at finding the beneficiaries of unclaimed property under an insurance policy or annuity contract and requires that Assumption Life exercise reasonable efforts in order to locate beneficiaries to whom amounts are payable.
This legislation applies provided that:
- The owner’s last known address is in British Columbia, Alberta or Quebec; and/or
- The owner’s address is unknown and the transaction through which property was put into force was carried out and concluded in British Columbia, Alberta or Quebec.
Type of property
The term « property » includes any amount of money payable to a beneficiary pursuant to the terms of an insurance contract.
Policy governing reasonable steps
The law outlines the circumstances under which reasonable efforts should be made in order to find those to whom amounts are payable:
- A communication or a cheque is returned because it was undeliverable.
- A beneficiary fails to follow up on a correspondence within the required time limit.
- A payment has not been cashed after 6 months.
- No request for payment or reimbursement of property is made when an amount is due or payable.
- Property value is of $1,000 or more in life insurance or $200 or more in securities or in insurance (other than life insurance) for British Columbia residents, $100 or more for Quebec residents, $250 or more for Alberta residents.
- Try to contact the beneficiary at last known address.
- Try to locate a beneficiary using a local telephone directory.
- Use Canada 411, the online directory assistance.
- Use online search directories.
- Ask for directory assistance.
- Use online reverse lookup telephone directories.
- Use a service specialized in locating people.
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