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BC Unclaimed Property Act
In accordance with the Unclaimed Property Act of British Columbia regulations,
a company that holds property on behalf of the owner of the property will
monitor and maintain records of unclaimed property items (i.e. money or
other assets) where the value is $50.00 or greater, that are held by it,
within the application of the Act. For the AEGON Canada companies, this
includes:
- Transamerica Life Canada
- AEGON Fund Management (AFM)
- AEGON Capital Management (ACM)
Application of the Act
The B.C. Unclaimed Property Act applies to property if the transaction
from which the property arose took place after July 1, 2000 and either:
- The last known address of the owner is in British Columbia; or
- The owner's address is unknown and the transaction was entered into or arranged in British Columbia.
Types of Property/Insurance
The following are the types of property(s) whereby proceeds or benefits
that are due and payable may be held as Unclaimed Property items:
- Life Insurance Policy
- Critical Illness or Disability Policy
- Annuity
- Segregated Funds
- Mutual Funds
Transamerica Life Canada currently administers policies originally issued
by the following insurers:
- NN Life Insurance Company of Canada
- MONY Life Insurance Company of Canada
- Halifax Life
- Commercial Life
- Transamerica Occidental Life Insurance Company
Reasonable Efforts Policy
"Reasonable Efforts" made by AEGON Canada Inc. to locate the
owner of property may include but are not limited to some or all of the
following:
- Try to locate owner at last known address.
- Contact the servicing Distributor/Dealer office assigned to the
policy/contract.
- Try to locate the owner using Canada-411 online directory assistance.
- Try to locate the owner in the local telephone book.
Triggering Events and Search Action Dates
Where the BC Unclaimed Property Act applies, the following events will
trigger a search action and "reasonable efforts" will be made
to locate and notify the property owner. The chart below indicates the
date the search action will be taken and the date the property becomes
unclaimed if the search is unsuccessful:
|
Event
|
Search Action Date
|
Unclaimed Property Date
|
| Returned Mail |
The date on which the returned mail is received |
12 months after the search action date |
| Uncashed Cheque |
The day after the end of the 3-year period since cheque
was sent to the owner. |
12 months after the search action date |
| No 'indication of interest' in property |
The day after the end of the 3 year period from the
date of the Event |
12 months after search action date |
| An action required to be taken by an owner by a specified
date is not taken |
The date indicated in the communication as the date
by which an action is required |
12 months after the search action date |
| RSP maturity with no instructions received for retirement
income option |
The day after the 5-year period from the date of the
Event |
12 months after the search action date |
Indication of Interest
An indication of interest in the property by the owner can be defined
as, but not limited to the following:
- A transaction by the owner in respect of the property;
- A request by the owner for payment in respect of the property; or
- A communication, in writing or by other means, from the owner in regards to the property.
Inquiry and Claims Process
If you believe that you are the owner of property held by us, and you
wish to make an inquiry as to whether we are holding your property, please
complete and submit the on-line unclaimed property inquiry
form.
Your inquiry will be investigated and we will communicate with you within
five (5) business days.
Upon receipt of our confirmation verifying a match to your claim inquiry
- a claimant must provide two pieces of identification:
- One piece of photo ID that establishes name, signature and date of birth.
- Social Insurance Number may also be requested.
In addition to proof of identity documents, claimant must
provide a copy of documentation verifying property identification (for
example; a copy of the policy/contract, a Statement or Confirmation previously
received from us).
Prior to releasing funds to any claimant, we must be
satisfied as to the claimant's identity and entitlement to the property.
Claims Appeal Process
Should your claim be denied, you will be notified of our appeal process.
Link to BC Unclaimed Property Society
To view the Unclaimed Property Act and Regulations, please visit the British
Columbia Unclaimed Property Society Web site at www.bcunclaimedproperty.bc.ca
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