West Virginia State Treasurer John D. Perdue and his office’s Unclaimed Property Division will be featured on the long-running CBS television news program""60 Minutes"" scheduled to air this Sunday, April 17 at 7 p.m. ET on local CBS affiliate stations.
The segment is expected to examine the efforts of Treasurer Perdue and other state treasurers around the country in their fight to ensure insurance companies are properly reporting and paying out unclaimed life insurance policies.During the broadcast, Treasurer Perdue will be featured returning an unclaimed life insurance check to a West Virginia man whose sister died 25 years ago.
“This is an issue those of us who administer unclaimed property have been focused on for the past several years,” said Treasurer Perdue. “I am glad '60 Minutes' is taking a more in-depth look at this issue, and shining a light on what’s being done here in West Virginia and around the country to make sure insurance companies report unclaimed funds similarly to any other business.”
Most recently, Treasurer Perdue worked with the state legislature on HB4739, which creates measureable requirements for insurance companies. It requires life insurance companies to regularly search for deceased policy holders using the Social Security Administration Death Master File (DMF).
Previously, Treasurer Perdue took his fight to the West Virginia Supreme Court of Appeals.On June 16, 2015, the West Virginia Supreme Court of Appeals unanimously ruled that the death of the insured does trigger the duty to pay out proceeds. The ruling said insurance companies must make reasonable efforts to determine whether their insureds have died, and if they are unable to locate beneficiaries, must report those proceeds to the State as unclaimed property.
Since taking office, Treasurer Perdue has returned approximately $150 million in unclaimed property funds to rightful owners. For more information on West Virginia’s Unclaimed Property program, visit www.wvtreasury.com.
The""60 Minutes"" story and additional information will be available following Sunday night’s broadcast at www.cbsnews.com/60-minutes.