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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.

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

ivari 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 ivari 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.