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ARTICLE · 19 SEPTEMBER 2012

Life Insurers Take Note: Ontario Launches Consultation Process On Proposed Unclaimed Intangible Property Program

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The Ministry of the Attorney General of Ontario (the "Ministry") has announced that it is seeking public consultation regarding its proposal to implement An Unclaimed Intangible Property Program (the "Program").

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Erin Brady
Erin Brady
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Richard Da Costa
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Miho Felicio
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Gordon Goodman
Terry Hall
Terry Hall
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Laurie LaPalme
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Brian Reeve
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The Ministry of the Attorney General of Ontario (the "Ministry") has announced that it is seeking public consultation regarding its proposal to implement An Unclaimed Intangible Property Program (the "Program"). The Program is intended to (1) allow owners to become reunited with unclaimed intangible property and (2) allow such property to be used for the benefit of all Ontarians until it is reclaimed. The creation of a centralized registry of unclaimed intangible property that is easily accessible by the public is a key feature of the proposed Program.

According to the Ministry, millions of dollars worth of intangible property remains unclaimed by the rightful owners in various institutions across Ontario. Such unclaimed intangible property includes amounts due under insurance policies and interests represented by instruments such as share certificates and bonds.

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