Virginia Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Virginia | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before May 1 Non Life Insurance: Before November 1 | $100 minimum, first class mail to last known address at least 60 days prior to report filing | Not Required | Available | 25 or fewer properties may be submitted using paper forms. Electronic reports must be in NAUPA II format, file extension: .hrs and submitted online. | Funds: Check, ACH, Wire Securities: DTC, DRS | Virginia Unclaimed Property |
The current statutes that govern unclaimed property in Virginia can be found along with the Holder Reporting Instructions. Virginia has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Virginia Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Virginia is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
Virginia 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 $100, written notice must be sent to the owners last known address at least 60 days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Virginia Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Life Insurance companies and before November 1 for Non Life Insurance companies.
Virginia Unclaimed Property Reporting Format
25 or fewer properties may be submitted on paper forms. Electronic reports must be in the NAUPA II file format. File formats accepted are .hrs. 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.
Virginia Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred through Check, Wire or ACH. Securities can be transferred through DTC or DRS.
Virginia 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. Virginia does not require negative reports.
Virginia 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. Virginia does have a VDA program.
Virginia Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Virginia vary, refer to the Holder Reporting Instructions.
More information from the state of Virginia 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.