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Written by: Editor

Published: 22 September 2014

SACRAMENTO – State Controller John Chiang has announced a new search function – www.claimyourpolicy.sco.ca.gov – that allows the owners of unclaimed life insurance settlements to search for and claim their accounts.

“This new search tool will help policyholders and the families of deceased policyholders quickly claim life insurance benefits that have been wrongfully withheld by insurers for far too long,” said Chiang. “These policies were originally purchased to provide peace of mind and financial security to loved ones. With this search engine, the mailing of over one hundred thousand notices, and an expanded locater unit, I aim to ensure that every dollar is paid and delivered.”

Controller Chiang’s audits of national insurance company practices, which started in 2008, revealed an industrywide practice of companies failing to pay death benefits to beneficiaries.

Often, companies would draw down the cash value of the life insurance policy to continue paying premiums, even when they knew or should have known the policyholder had died and the beneficiaries should be paid.

Once the cash reserves were depleted, the policies would then be canceled – without notifying the policyholder or their family members.

To protect life insurance policyholders and their beneficiaries, Chiang has led the national effort to end this practice.

To date, Controller Chiang has reached global settlements with 19 life insurance companies. These agreements require the insurers to restore the full value of impacted accounts dating back to 1995, comply with the state’s unclaimed property laws, and cooperate with the controller's efforts to reunite millions of dollars in death benefits with their policyholders or their beneficiaries.

These 19 life insurance companies have agreed to restore an estimated $266.7 million in unpaid benefits to Californians, and an estimated $2.4 billion nationally.

Through July 2014, 15 of the 19 life insurance companies have transferred $190.3 million to the Controller for safekeeping until their beneficiaries can be found. During very early efforts, nearly $60 million has already been returned to the rightful owners.

In July 2014, the controller successfully petitioned the Legislature for additional budget resources to expand his office’s ability to locate the beneficiaries of these recovered insurance policies.

Since January 2007, Controller Chiang has reunited owners with $3.1 billion in cash that had been lost or forgotten, more than any previous controller and more than double the amount returned in the previous seven years.

Chiang has also returned 236.5 million shares of securities to owners, which is 69 times the total shares returned in the previous seven years.

The full unclaimed property database search is available at www.claimit.ca.gov .

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Written by: Editor

Published: 20 September 2014

U.S. Congressmen Mike Thompson (D-CA), Dave Reichert (R-WA), Earl Blumenauer (D-OR), Greg Walden, (R-OR), Jared Polis (D-CO), and Erik Paulsen (R-MN) on Thursday introduced the bipartisan U.S. Optimal Use of Trade to Develop Outerwear and Outdoor Recreation (OUTDOOR) Act (H.R. 5646) to reduce tariffs on recreational performance apparel. 

The legislation would make products like jackets and pants more affordable for American consumers, encourage participation in outdoor activities, and help designers and retailers of performance apparel better compete in the global economy.

In a joint statement the Congressmen said, “The American Dream is built on the idea of exploration and economic success, and the OUTDOOR Act works to promote both of those concepts and make them a reality. From canoeing mountain climbing, Americans have found ways to enjoy the outdoors in every season of the year, and outfitting them with innovative apparel is the basis of a major job-creating industry.  This legislation is a needed update to antiquated and unreasonably high tariffs set on recreational performance apparel, and more importantly it will help employers grow their businesses, remove a hidden tax on consumers, and continue to foster interest in America’s outdoor recreation.”

“I commend the Representatives and Senators Cantwell and Ayotte for coming together in a bipartisan effort to support the outdoor recreation industry, a vital part of the economy at the state and national level,” said OIA President and CEO Frank Hugelmeyer.  “The U.S. OUTDOOR Act will lower costs for outdoor businesses, fuel innovation, attract more consumers to get outdoors using high-quality, affordable apparel and will create more jobs in the United States.  We look forward to the enactment of this important legislation.”

According to the Outdoor Industry Association, American consumers spend over $640 billion each year on outdoor recreation, in so doing supporting an industry that is directly and indirectly tied to 12 million American jobs. H.R. 5646 creates new Harmonized Tariff Schedule (HTS) breakouts for both knit and woven recreational performance outerwear and changes tariff rates for these clothing items to duty-free, thereby eliminating the “hidden tax” on these goods.

Congressman Mike Thompson represents California’s Fifth Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma counties.

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Written by: Editor

Published: 12 September 2014

Agriculture Secretary Tom Vilsack announced that $328 million in conservation funding (more than $22 million to California) is being invested to help landowners protect and restore key farmlands, grasslands and wetlands across the nation.

The USDA initiative will benefit wildlife and promote outdoor recreation and related sectors of the economy.

“Conservation easements help farmers and ranchers protect valuable agricultural lands from development, restore lands that are best suited for grazing, and return wetlands to their natural conditions,” Vilsack said. “These easements are making a dramatic and positive impact for our food supply, rural communities and species habitat.”

The funding is provided through the Agricultural Conservation Easement Program (ACEP), which was created in the 2014 Farm Bill to protect critical wetlands and encourage producers to keep lands in farming and ranching.

Approximately 380 projects nationwide were selected to protect and restore 32,000 acres of prime farmland, 45,000 acres of grasslands and 52,000 acres of wetlands.

In addition to protecting cropland and critical habitats, conservation strengthens outdoor recreation and helps boost the economy.

According to the National Fish and Wildlife Federation, annual United States conservation spending totals $38.8 billion, but it produces $93.2 billion of economic output throughout the economy – 2.4 times more than what is put in.

This output takes the form of more than 660,500 jobs, $41.6 billion in income and a $59.7 billion contribution to national Gross Domestic Product, or GDP.

Through ACEP, private or tribal landowners and eligible conservation partners working with landowners can request assistance from USDA to protect and enhance agricultural land through an agricultural or wetland easement.

These easements deliver many long-term benefits. For example, this year’s projects will:

– Improve water quality and wetland storage capacity in the California Bay Delta region;
– Reduce flooding along the Mississippi and Red rivers;
– Provide and protect habitat for threatened, endangered and at-risk species including sage grouse, bog turtles, Florida panthers, Louisiana black bear, and whooping cranes to recover populations and reduce regulatory burdens; and
– Protect prime agricultural land under high risk of development in urban areas to help secure the nation’s food supply and jobs in the agricultural sector.

ACEP consolidates three former Natural Resources Conservation Service (NRCS) easement programs – Farm and Ranch Lands Protection Program, Grasslands Reserve Program and Wetlands Reserve Program – into two components. One component protects farmlands and grasslands, and the other protects and restores agricultural wetlands.