Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
This past May, the Ninth Circuit Court of Appeals affirmed a district court’s order granting summary judgment in favor of a life insurance company, finding that California’s lapse statute applies only to life insurance...more
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
California lapse notice litigation has garnered publicity ever since the California Supreme Court in McHugh v. Protective Life Insurance Co. held that the new insurance statutes requiring a 60-day grace period and 30-day...more
In our May 2021 issue, we discussed the rise in life insurance policy lapse notice cases in California following the state’s 2013 enactment of California Insurance Code sections 10113.71 and 10113.72. These statutes establish...more
In the first half of 2020, two decisions were issued by federal appellate courts related to the lapse of life insurance policies. Both decisions affirmed the insurer’s position and rejected challenges to the determination of...more
Like companies in other industries, life, annuity, and securities companies and their affiliates have faced class actions asserting claims under the Telephone Consumer Protection Act....more
Recent decisions provide worthwhile guidance for insurers handling slayer claims.
According to traditional inheritance law, a “slayer” is one who intentionally kills, or conspires to kill, feloniously or unjustifiably,...more
10/11/2019
/ Beneficiaries ,
Burden of Proof ,
Criminal Investigations ,
Death Benefits ,
Insurance Claims ,
Insurance Fraud ,
Insurance Litigation ,
Interpleaders ,
Life Insurance ,
Murder ,
Policy Terms ,
Slayer Statutes ,
Spouses ,
Summary Judgment
In Smith v. Jackson National Life Insurance Co., a beneficiary of a life insurance policy that lapsed prior to the death of the insured sued Jackson National for failing to provide sufficient notice of termination and...more
The widow of a former NFL football player sued the player’s sports agent and financial adviser, alleging that the former player was defrauded by the agent in connection with the loss of the proceeds of the player’s life...more
6/14/2019
/ Arbitration ,
Arbitration Awards ,
Breach of Duty ,
Financial Adviser ,
Insurance Fraud ,
Life Insurance ,
Manifest Disregard ,
Motion to Vacate ,
Negligence ,
Trustees ,
Trusts ,
Vacatur
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial
- Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation
- On The Horizon: Global...more
10/31/2016
/ Administrative Proceedings ,
Annuities ,
Business Continuity Plans ,
CFTC ,
Class Action ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Protection ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EU ,
European Economic Area (EEA) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Markets ,
FSB ,
Gartenberg Factors ,
Healthcare ,
Industry Examinations ,
Insurance Industry ,
Investment Companies ,
Life Insurance ,
Long Term Care Facilities ,
Long-Term Care ,
Meals-Gifts-and Entertainment Rules ,
Mutual Funds ,
NAIC ,
NYDFS ,
Passporting ,
Regulatory Oversight ,
Retirement Plan ,
RICO ,
Risk Assessment ,
Securities ,
Securities and Exchange Commission (SEC) ,
Solvency II ,
UK ,
UK Brexit ,
Unicorns
On March 17, 2016, the Office of Financial Research, an agency created by the Dodd-Frank Act of 2010 to analyze risk to the financial system, released a brief discussing “recent policy measures” by the NAIC “and the data that...more
A court refused to compel arbitration in a dispute surrounding the cancellation of and failure to pay life insurance benefits under a debtor group life insurance policy. The relevant note and insurance policy did not contain...more
In a life settlement transaction, in which a life insurance policy is sold by its owner to another for more than its cash-surrender value but less than the net death benefit, the seller contended that the broker and purchaser...more