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Unclaimed Property Act of British
Columbia |
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On July 1, 2000 the Government of
British Columbia enacted the Unclaimed Property Act that replaces
and repeals the former Unclaimed Money Act. The purpose of this
Act is to reunite owners with any unclaimed property we and other
insurance companies and financial institutions may be holding on
their behalf. |
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"Property", in the life
and health insurance context, includes: |
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A money order, cheque or similar instrument.
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An amount payable from an insurer under the terms of an insurance
policy, including an annuity and a refund of premiums.
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A right to receive an amount due from a trust or custodial fund
established under a plan to provide education, health, retirement
or death benefits.
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Returning money to its rightful
owner |
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The Act describes what circumstances must exist and what reasonable
efforts must be made to locate and notify owners. Common triggers
on which we act are:
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When a communication regarding property being held or a cheque sent
to the owner is returned undelivered
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An action required to be taken by the owner by a specified date
as indicated in a communication by the holder to the owner, is not
taken by that date
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A cheque, money order or similar instrument has not been cashed
after a period of time
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There is no indication of interest in the property from the owner
since receipt of the property by us. An indication of interest can
be a transaction by the owner, request for payment, or simply some
form of communication respecting the property
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There is no request for payment or refund of property when there
is a right to an amount due or payable.
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The steps we take |
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Locating the owner of property is usually a very simple process.
In many cases, people have simply forgotten and they are easily
contacted. In other cases, we take one or more of the following
steps to try to locate and notify owners of unclaimed property
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contact the owner at the last known address
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locate the owner in a local phone book
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use Canada 411 on-line directory assistance
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search the local phone book for possible relatives
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contact a neighbour or landlord near or at the owner's last known
address
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use old telephone and city directories
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use on-line reverse directories
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through BC Online or BC Vital Statistics
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use a tracer or investigator.
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The majority of times we succeed in finding the rightful
owner, but occasionally all reasonable efforts fail. At this point the
monies then go into our database as 'unclaimed property'.
How to determine if you may have unclaimed property
with our Company
In general, the Act applies to us if either of the following
is true:
(a) |
The last known address
of the owner of the property is in British Columbia and the
transaction from which the unclaimed property arose was entered
into after July 1, 2000. |
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OR
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(b)
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Where the address is unknown, the transaction from which the unclaimed
property arose was entered into or arranged in British Columbia
after July 1, 2000 . |
If you feel that the Act applies and have reason
to believe that Industrial Alliance Pacific may be holding
unclaimed property on your behalf, please contact our Unclaimed Property
Co-ordinator by:
Email: property@iapacific.com
Mail: |
Unclaimed Property Co-ordinator
Industrial Alliance Pacific Insurance and Financial Services Inc.
2165 Broadway West
P.O. Box 5900
Vancouver, BC
V6B 5H6 |
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your name, address, post code and telephone number
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the nature of the property
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your relationship to the property.
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