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Utah Federal Court Holds That Incontestability Statute Bars Insurer From Avoiding Death Claim on STOLI Policy

On March 13, 2017, Judge David Nuffer of the United States District Court for the District of Utah granted defendant Wilmington Trust Company's motion to dismiss a lawsuit seeking to invalidate an alleged "STOLI"...more

Seventh Circuit Holds that Insurers Cannot Challenge Policies for Lack of Insurable Interest

On October 12, 2016, the United States Court of Appeals for the Seventh Circuit, in an opinion authored by Judge Richard Posner, affirmed a district court decision finding that securities intermediary U.S. Bank, N.A. is...more

Florida Supreme Court Holds that STOLI Challenges are Barred by Two-Year Contestability Clause

On September 22, 2016, the Florida Supreme Court issued an eagerly-awaited opinion in Wells Fargo Bank, N.A. v. Pruco Life Insurance Co. The Court held that Florida's two-year contestability statute applies to bar an...more

Policyholder Insider Quarterly

October ordinarily brings the return of crisp air, fall foliage and Halloween. This year, for the first time, it also brought National Cybersecurity Awareness Month. Yet designating a month to increase cybersecurity awareness...more

Policyholder Insider Quarterly

Five Lessons Health Care Companies Should Learn From Cyberattacks - The American health care industry is under attack by sophisticated hackers seeking access to electronic medical records. Since January, three health...more

Policyholder Insider Quarterly

Makers and Users of Smart Devices Beware: You May Have a Critical and Costly Gap in Your Insurance Coverage - The drumbeat of high-profile data breaches has led to rapid growth in the number of companies purchasing or...more

Eighth Circuit Issues Landmark Insurable Interest Ruling

March 13, 2015 – This morning the United States Court of Appeals for the Eighth Circuit handed down a game-changing ruling with major implications for the life settlements industry. The Eighth Circuit’s decision in PHL...more

11th Circuit Certifies Insurable Interest Questions in Pruco Cases to the Florida Supreme Court

On February 27, 2015, the United States Court of Appeals for the Eleventh Circuit certified two important questions of Florida insurable interest law to the Florida Supreme Court. ...more

New Minnesota Law Allows Investors to File Lawsuits Seeking to Validate Life Insurance Policies Before They Mature

In most states, carriers may void life insurance policies for lack of insurable interest at any point, even after the two-year contestability period prescribed by statute. This loophole allows insurers to continue collecting...more

The Meaning Of Life Settlements: Are They Securities Or Not?

“Life settlements” are financial transactions in which the original owner of a life insurance policy sells it to a third party for an up front, lump sum payment. The amount paid for the policy is less than the death benefit...more

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