NAUPA Standard Codes - Unclaimed · PDF fileNAUPA Standard Codes The Codes They Are A-Changin' Ken Wagers ... Included initial list of property type codes Revised NAUPA Electronic

NAUPA Standard Codes The Codes They Are

A-Changin'

Ken Wagers Kelmar Associates, LLC

NAUPA Reporting Standard Codes

• History

▫ Standardized Property Type codes began in with the first NAUPA reporting standard, approved in the 1990s.

Included initial list of property type codes

▫ Revised NAUPA Electronic Reporting Standard was approved by NAUPA in 2002

No changes to the property type codes


• History (continued)

▫ Committee to standardize relationship codes

Never formally approved by NAUPA

▫ Property Type codes revised in 2010

New Property Type codes added to NAUPA II standard

▫ Where?

http://unclaimed.org/reporting/naupa-standard-electronic-file-format/











• Primary Codes

• Other Codes

Property Types

Relationship Types

Owner Types

Deduction Codes

Addition Codes

Paid or Deletion

Codes

Security Delivery

Codes

Country Codes

NAICS Codes


• Are they really standard?

▫ YES

Country Codes

NAICS Codes

▫ NO

Property Types

Relationship Types


• Are they really standard?

▫ “Mostly”

Owner Types

Security Delivery Types

Deduction Codes

Addition Codes

Deletion Codes


• What’s in a Property Type?

▫ Category

AC – Accounts

CK – Checks

CT – Court Funds

IN – Insurance

MI – Mineral Interests


• What’s in a Property Type?

▫ Category

MS – Miscellaneous

SC – Securities

SD – Tangible Property

TR – Trust Property

UT – Utilities

ZZ – All other


• Newer Property Type Code categories

▫ CS - Educational Savings Accounts

▫ HS - Health Savings Accounts

▫ IR - Individual Retirement Accounts


• A Few Interesting Statistics:


• A Few Interesting Statistics: ▫ 123 Property Type Codes in the NAUPA II Spec



▫ 337 Property Type Codes in use




▫ 1,130 Different Property Type Code Descriptions





▫ 150 Property Type Code in use by 4 or more states






▫ 130 Property Type Codes in use by 10 or more states






▫ 130 Property Type Codes in use by 10 or more states

▫ 84 Property Type Codes used only by a single state


• Why worry about standardization?

▫ Reciprocal reporting

▫ Consistency for holders managing multi-state reporting

▫ Effective & consistent claims process


• Property Types - Why aren’t they standardized?

▫ Legacy systems

▫ State-specific property types

▫ New types of property

▫ Adding on at the end of the list


• How can we get back to a standard?

▫ Improve descriptions

▫ Build a matrix for all states

▫ Assist with conversion of data

▫ Allow for controlled and approved state-specific differences

▫ Build in reciprocity information


• Sample of Enhanced Descriptions for Property Types

AC01 Checking Accounts A bank deposit against which checks can be drawn by

the depositor, maintained by a bank or financial

institution.

AC02 Savings Accounts Deposit account at a commercial bank, savings bank or

savings and loan association that pays interest.

AC03 Mature CD or Savings

Certificate

A Certificate of Deposit (CD) is a debt instrument

issued by a bank that usually pays interest. A savings

certificate is a retail Certificate of Deposit that

normally is issued in denominations of $500 or more,

and has a stated maturity. Mature CD's or Savings

Certs are those that have Reached the date at which a

debt instrument is due and payable. A mature CD or

Savings Certificate will return the CD holder's principal

and final interest payment.


• Sample of Enhanced Descriptions for Relationship Codes

JE Tenants in Entireties Joint ownership of property or securities by a husband

and wife where, upon the death of one, the property

goes to the survivor.

JT Joint Tenants An account held in joint tenancy presumes a right of

survivorship, but this presumption can be overcome by

evidence that the account was really the property of

only one, and the joint tenancy was for convenience.

Right of Survivorship is not specifically stated.

OR Unspecified Joint Relationship (Or) Unspecified joint relationship including 'OR'

OT Other Relationship Relationship other than specified in this list.

Additional details should be submitted with the

property.

PA Payee The one named on a check or promissory note to

receive payment.


• Steps for a state to standardize codes ▫ Inactivate all non-standard codes

▫ Add any missing standard codes

▫ Translate old codes to new codes

Must do this carefully and watch dependencies

Might need to use intermediate codes

▫ Educate staff

▫ Publish updates to holders

▫ Publish updates to software vendors

▫ Delete unused codes

NAUPA Uniformity &

Standardization Proposal

• Create a clearinghouse for Property Codes • States and Canadian Providences will request a new

property code for jurisdiction specific property

• NAUPA Uniformity & Standardization Committee will assure that requested property code is not already in use

• NAUPA Standardization Committee will approve property code

• Property code can not be used by another jurisdiction for different type of property.

NAUPA Uniformity &

Standardization Proposal

•Written definition for each property code

• NAUPA Standard Electronic File Format will have a definition along side of each property code

• Jurisdictions requesting additional property codes will provide the Uniformity & Standardization Committee with a definition of the type of property that is associated with the requested code.

• Will help provide agency authorities and holders information on each code.

NAUPA Uniformity & Standardization

Committee Members - 2012

• Jim McKeon, Montana Department of Revenue, Chairman

• Jennifer Brown, N.Y. State Comptroller’s Office

• William Dadum, Virginia Treasury

• Cindy Hillen, West Virginia Treasury

• Nancy Hollins, California State Controller’s Office

• Allen Martin, North Carolina Treasury

• Celeste Monahan, Washington Department of Revenue

• Jo Ann Tinsley, West Virginia Treasury


• NAUPA Electronic Reporting Format Revision II ▫ Fixed length ASCII file

▫ Multiple Record types

▫ Not easily validated

• Next Generation Reporting Standard ▫ Use current data exchange standard

▫ Build in validation

▫ Extensibility

Questions

Documents

NAUPA Standard Codes - Unclaimed · PDF fileNAUPA Standard Codes The Codes They Are A-Changin' Ken Wagers ... Included initial list of property type codes Revised NAUPA Electronic