1. (a) Life insurance. A life insurance company or person reporting life insurance proceeds must comply with the following additional requirements:

   1. (1) The full name of each insured or annuitant, or if a class of beneficiaries is named, the full name of each current beneficiary in the class;
   2. (2) The address of each beneficiary; and
   3. (3) The relationship of each beneficiary to the insured.

2. (b) Safe deposit boxes. A holder of safe deposit boxes or similar safekeeping depositories must comply with the following additional requirements:

   1. (1) A holder of safe deposit boxes or similar safekeeping depositories who elects to sell contents in accordance with Arkansas Code § 18-27-102(c)(3):

      1. (A) Must do so at public auction pursuant to the requirements of Arkansas Code § 18-27-102(c)(3)(B);
      2. (B) May deduct the rental owed, the cost of opening the box, and damages in connection with the abandoned box from the proceeds of such sale pursuant to Arkansas Code § 18-27-102(c); and
      3. (C) After said auction, must remit any unauctioned contents of boxes and any excess proceeds from the sale to the Auditor of the State pursuant to Arkansas Code §§ 18-27-102(c)(3)(C) and 18-28-201 et seq.;
   2. (2) Holders of safe deposit boxes may dispose of items having no commercial value;
   3. (3) If, after disposing of valueless items, no contents remain, then the holder should not include the box on the report of unclaimed property;
   4. (4) Where nonliquidated contents are delivered to the Auditor of State, the holder must complete the specific report form for safekeeping contents;

   5. (5) Holders are not to remit the following items:

      1. (A) Human remains such as teeth, hair, or cremains;
      2. (B) Medical devices or implants such as dentures, or IUD, etc.;
      3. (C) Prescription drugs, illicit drugs, or drug paraphernalia; or
      4. (D) Firearms, explosives, or ammunition.

3. (c) Securities. In addition to the general reporting provisions, above, any holder, business association, transfer agent, registrar, or other person acting on behalf of the holder of an intangible equity ownership interest deemed unclaimed according to Arkansas law, including but not limited to, Arkansas Code §§ 18-28-202, 18-28-203, and 18-28-403, must:

   1. (1)

      1. (A) Thirty (30) days prior to the report and remittance of securities, holders shall, in writing, request approval to report and deliver unclaimed securities to the Auditor of State.
      2. (B) The request must contain the issue name, CUSIP, ticker symbol, number of shares, and the delivering party’s DTC participant number or delivering party’s information or both.
      3. (C) If shares are transferred into the Auditor of State’s account without prior approval, the shares may be rejected or DK’d.
      4. (D) Private shares of stock must be sold and reported as cash;
   2. (2) Upon approval, a report of unclaimed property must be received before the Auditor of State will agree to accept any securities transferred except for shares held within an individual retirement account which is subject to federal tax withholdings;

   3. (3)

      1. (A) Securities valued at less than $0.01/share should not be reported or remitted.
      2. (B) If the securities gain value, report and remit the shares at that time.
      3. (C) The Auditor of State may decline to receive shares if they are valued less than one cent (1¢) per share or are otherwise restricted, chilled, frozen, or delisted.
      4. (D) Cash option must be selected for all dividend and capital gains registration.
      5. (E) Holders shall report and forward to the Auditor of State all outstanding accrued dividends, capital gains, or pre-payments, along with the certificate.
      6. (F) Fractional dividend reinvestment plans and closed-end fund shares must be sold and reported as cash; and
   4. (4) Upon acceptance of a report of unclaimed property, securities may be transferred to the Auditor of State.

4. (d) Registration and delivery of mutual funds.

   1. (1) When possible, mutual funds should be transferred via ACATS at: Wells Fargo Clearing Services LLC ACAT Participant # 0141 Reference: State of Arkansas Unclaimed Property Division Account # 8348-6338
   2. (2) For mutual fund shares unable to be transferred via ACATS, contact ArkansasCustody@kelmarassoc.com to obtain a fund account number.
   3. (3) If an omnibus account is provided as a fund account for mutual funds, please reference Bin# 8348-6338 during the delivery.

5. (f) Future income payable.

   1. (1) Holders shall forward any future income from remitted securities in the form of cash (for example, dividends, capital gains, etc.) payable to the Auditor of State along with a supplemental report of unclaimed property.
   2. (2) Supplemental filings should be completed within sixty (60) days following the unclaimed property reporting deadline.
   3. (3) Any account maintained in the state’s name must maintain a zero (0) balance upon completion of the filing period.

Codification Notes: “ACATS” means automated customer account transfer service. “CUSIP” means Committee on Uniform Securities Identification Procedures. “DTC” means depository trust company. “IUD” means intrauterine device.