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Continued: Prudential to pay $14 million in Minnesota over unclaimed benefits

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Last update: May 15, 2013 - 9:01 PM

The unclaimed property problem goes well beyond life insurance companies. So far in this fiscal year alone companies have handed over to the state of Minnesota $60.8 million in unpaid certificates of deposit, insurance payments, death benefits and other sorts of financial payments people are owned but that have gone unclaimed either because the beneficiary didn’t know about them or lost track of them, or the company didn’t find people.

The orphaned funds are deposited into the state’s general fund and the state Commerce Department, which administers the unclaimed property program, tries to find the rightful owners.

So far this year, the Commerce Department has returned $27 million to people. It has received “hundreds of millions” in orphaned financial property since 1969, Rothman said. He said life insurance payouts, ranging from a few hundred dollars to tens of thousands of dollars, tend to be the largest.

 

Jennifer Bjorhus • 612-673-4683

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