Roland Goss

Roland Goss

Carlton Fields

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Court Of Appeals Affirms Dismissal Of “Shadow Insurance” Lawsuits

In a summary order, the United States Court of Appeals for the Second Circuit has affirmed the dismissal of two “shadow insurance” putative class action lawsuits against Axa Equitable Life Insurance and Metropolitan Life...more

2/28/2017 - Appeals Article III Dismissals Financial Statements Foreign Jurisdictions Injury-in-Fact Insurance Industry Life Insurance Material Misstatements Reinsurance Standing

The U.S.-EU Covered Agreement: Different Assessments By Different Audiences

On January 13, 2017, the week before the inauguration of President Trump, the U.S. Department of Treasury and the Office of the U.S. Trade Representative announced that the negotiations between the full text of the agreement...more

2/20/2017 - Covered Agreement Dodd-Frank EU Insurance Industry Regulatory Oversight Reinsurance Solvency II Trump Administration U.S. Treasury USTR

The U.S. And The European Union Successfully Complete Negotiations For Covered Agreement

As we previously reported in June 2016, the United States and the European Union were in discussions to enter into a Covered Agreement. The Dodd-Frank Act introduced Covered Agreements as a means for limited federal intrusion...more

1/23/2017 - Covered Agreement Dodd-Frank EU Insurance Industry Regulatory Oversight Reinsurance Solvency II U.S. Treasury USTR

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

1/9/2017 - Annuities Big Data Bitcoin Broker-Dealer CFPB Cross-Selling Cybersecurity Digital Currency Dodd-Frank FINRA FinTech Insurance Industry Life Insurance NAIC OCC Prudential Insurance Ransomware SEC STOLI Trump Administration Usury Virtual Currency

Dodd-Frank in a Trump Administration

During the recent campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act (DFA) if elected, criticizing the regulatory burdens it imposed and contending that it discouraged lending by banks and impaired...more

1/5/2017 - Banking Sector Banks Dodd-Frank Financial Institutions FIO FSOC Insurance Industry NRRA Proposed Legislation Regulatory Oversight Reinsurance SIFIs Tax Revenues Title V Trump Administration

Recipient Of Arbitration Award In Reinsurance Dispute Permitted Discovery Of Funds Withheld Account

Plaintiffs secured an interim arbitration award in the amount of $7.8 million, plus interest, in what the court described as a complex insurance/reinsurance program. Seeking to collect on the award, plaintiffs served a...more

12/8/2016 - Arbitration Arbitration Awards Discovery Insurance Industry Insurance Litigation Reinsurance Subpoenas

UK Court Considers Whether Later Conduct Stemming From A Loss Event Should Be Considered A Loss Under An Excess Of Loss...

This case considers an appeal against an arbitration award concerning whether health claims from persons involved in cleaning up the 9/11 World Trade Center site should be considered to be multiple claims or should be...more

12/7/2016 - Appeals Arbitration Arbitration Awards Insurance Industry Insurance Litigation Negligence Policy Terms Reinsurance Terrorist Acts UK

What Might Be the Future of the Dodd -Frank Act’s Insurance and Reinsurance- Related Provisions in a Trump Administration?

During the recent election campaign, President-elect Donald Trump pledged to repeal the Dodd-Frank Act if elected, criticizing the regulatory burdens it imposed on different portions of the financial services sector and...more

11/21/2016 - Banking Sector Capital Markets Dodd-Frank Financial Services Industry FSOC Insurance Industry Proposed Legislation Regulatory Oversight Reinsurance SIFIs Trump Administration

State-law Based Claims Against Parties Other than the United States Seeking Damages Arising Out of the Procurement of Flood...

Harris v. Nationwide Mutual Fire Insurance Company, __ F.3d __, 2016 WL 4174381 (6th Cir. Aug. 8, 2016) - Case at a Glance - Plaintiffs purchased a home located in a federal flood zone, but they did not purchase...more

10/17/2016 - FEMA Flood Insurance Flooding Insurance Industry Insurance Litigation Natural Disasters Policy Limits Preemption Property Damage Property Insurance Residential Real Estate Market Severe Weather

Treaty Tip: Is it an Insurance Policy or a Reinsurance Agreement?

Whether a risk shifting agreement is an insurance policy or a reinsurance agreement may have important consequences. For example, many states prohibit the mandatory arbitration of disputes arising out of insurance policies,...more

8/29/2016 - Arbitration Contract Terms Insurance Industry Mandatory Arbitration Clauses Reinsurance Settlement

STOLI Policies Cancelled, Insurers Retain Premium

Two federal appellate courts have affirmed, on different grounds, the cancellation of large life insurance policies that were alleged to be stranger originated life insurance (STOLI), permitting the issuing insurers to retain...more

8/24/2016 - Attorney's Fees Civil Conspiracy Illegal Contracts Insurance Industry Life Insurance Material Misrepresentation STOLI Summary Judgment

Circuit Split Develops Over The Enforceability Of Class Waivers In Employment Agreements

Affirming a district court’s denial of a motion to compel arbitration, the United States Court of Appeals for the Seventh Circuit has held unenforceable a provision of an employment agreement mandating that wage-and-hour...more

6/6/2016 - Arbitration Arbitration Agreements Class Action Class Action Arbitration Waivers Collective Actions Federal Arbitration Act NLRA Pre-Employment Agreements Wage and Hour

What Is The Future Of The Multi-State Allocation Of Nonadmitted Premium Tax Revenue?

In the portion of the Dodd-Frank Act known as the Nonadmitted and Reinsurance Reform Act, Congress established a public policy and stated its desire that “each State adopt nationwide uniform requirements, forms, and...more

5/2/2016 - Dodd-Frank Insurance Industry Nonadmitted Insurance NRRA Reinsurance Tax Allocation Agreements Tax Revenues

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

4/11/2016 - Dodd-Frank Financial Institutions FSOC Insurance Industry Life Insurance MetLife Nonbank Firms Reinsurance SIFIs Summary Judgment

New York Court of Appeals: McCarran-Ferguson Act Does Not Reverse Preempt Application of the Federal Arbitration Act to Enforce...

Monarch Consulting, Inc. v. National Union Fire Insurance Co. of Pittsburgh, Pa., __ N.Y.3d __, 2016 WL 633946 (N.Y., Feb. 18, 2016) Case at a Glance - National Union Fire Insurance of Pittsburgh (“National Union...more

3/20/2016 - Arbitration Federal Arbitration Act Insurance Industry McCarran-Ferguson Act Motion to Compel National Union Preemption

Appellate Court Reverses Order Granting Motion To Compel Arbitration

In a three paragraph memorandum decision, the Ninth Circuit has reversed an order of a district court granting a motion to compel arbitration. The Court held that the district court erred in holding that the non-movant,...more

2/24/2016 - Arbitration Agreements Estoppel Federal Arbitration Act Motion to Compel Reversal

eCommerce Regulation, Bitcoin, Anti-Money Laundering, Shadow Insurance, 401(k) Litigation [Expect Focus – Vol. IV, Fall 2015]

IN THE SPOTLIGHT - - California Passes Life and Annuity Electronic Transactions Law LIFE INSURANCE - - Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny - NAIC Evaluates Insurer’s Use of Variable...more

1/11/2016 - 401k Administrative Proceedings Big Data Bitcoin BSA/AML E-Commerce Medical Devices SEC STOLI Takedown Notices Variable Annuities

Federal Court of Appeals Deems Policies STOLI, Refuses to Order Return of Premiums

Upon determining that certain Ohio National life insurance policies were stranger originated life insurance (STOLI) under Illinois law, the Seventh Circuit Court of Appeals, in Ohio National Life Assurance Corp. v. Davis,...more

1/4/2016 - Insurance Industry Life Insurance STOLI Summary Judgment

U.S. Treasury Department and the U. S. Trade Representative Pursuing Possible Covered Agreement With the European Union

The U.S. Treasury Department and the U.S. Trade Representative have given notice to Congress of the initiation of discussions with the European Union to enter into a Covered Agreement essentially addressing two major issues:...more

12/14/2015 - Covered Agreement Dodd-Frank EU Insurance Industry McCarran-Ferguson Act Solvency II

FIO Issues 2015 Annual Report

Last month, the Federal Insurance Office (“FIO”) issued its Annual Report for 2015. The Report discusses many financial consumer protection and regulatory issues, both domestic and international, relating to the business of...more

10/26/2015 - Annual Reports Captive Insurance Company Dodd-Frank Federal Insurance Office FIO Insurance Industry NAIC Reinsurance

Variable Annuity with a No-lose Death Benefit Is Not Subject to the Statutory and Common Law Insurable Interest Requirement -...

Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLC, 116 A.3d 794 (R.I. 2015) - Case at a Glance - In a case of first impression, the Rhode Island Supreme Court held that a particular variable annuity...more

9/29/2015 - Civil Conspiracy Civil Liability Death Benefits Fraud Identity Theft Indictments Insurable Interests Insurance Industry Life Insurance Life Settlements Limited Liability Company (LLC) Money Laundering RI Supreme Court Variable Annuities

Action To Vacate Arbitral Award Dismissed For Lack Of Subject-Matter Jurisdiction

A disappointed claimant in a FINRA arbitration filed suit under section 10 of the Federal Arbitration Act (“FAA”) in United States District Court to vacate the arbitral award. The court dismissed the case for lack of...more

9/22/2015 - Arbitration Arbitration Awards Discover Bank Federal Arbitration Act FINRA Manifest Disregard Motion to Compel SEC Subject Matter Jurisdiction

United States Supreme Court Considering A California Appellate Court Opinion Invalidating A Class Action Arbitration Waiver

In a Special Focus article Rollie Goss previews another arbitration case coming before the United States Supreme Court involving the issue of whether a class arbitration waiver is unconscionable, and the impact of such a...more

8/31/2015 - Amicus Briefs Appeals Arbitration Agreements AT&T Mobility v Concepcion Class Action Class Action Arbitration Waivers Class Arbitration DirectTV Discover Bank Rule Federal Arbitration Act JAMS Petition for Writ of Certiorari SCOTUS Section 10(b)

Court Of Appeals Affirms Rejection Of Claims Relating To Cat Bond

We previously posted on a district court’s dismissal, with prejudice, of an Amended Complaint challenging the propriety of payments to the ceding insurer of the Mariah Re catastrophe bond which exhausted the cat bond’s trust...more

7/10/2015 - Catastrophe Bonds Insurance Industry

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