Business Organization Insurance

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Protecting Directors and Officers From Derivative Liability Arising From Data Breaches

With data breaches affecting companies across virtually every industry, cyber security has remained front page news. Lawsuits brought by aggrieved consumers and financial institutions against companies that have suffered data...more

Commerce Department Extends Deadline for BE-10 Reports and Important Clarifications for Asset Managers and Insurance Companies

On Thursday, May 28, the Bureau of Economic Analysis (BEA) issued an automatic one month extension to all first time filers of the BE-10 Benchmark Survey of U.S. Direct Investment Abroad. The extension grant, coming one day...more

Locke Lord QuickStudy: Validus Court of Appeals Decision - Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Business Litigation Reporter - May 2015

Lawsuit Dismissed Where Defendant Hulu Did Not “Knowingly” Disclose Personal Identifying Information. In In re: Hulu Privacy Litigation, 2015 WL 1503506 (N.D. Cal. March 31, 2015), the plaintiffs alleged that Hulu had...more

[Complimentary Research Report] NAVEX Global’s 2015 E&C Policy Management Benchmark Report

Policy management has been — and remains — a maturing business practice. As a result, many compliance professionals are not working against industry benchmarks to answer such questions as: - How much are other...more

Why Directors and Officers Should Demand a Separate Indemnification Agreement

Corporate directors and officers (“D&O’s”) face significant personal exposure whenever their corporation is involved in a dispute or investigation. For this reason, prudent D&O’s avail themselves of all available legal...more

[Webinar] Peeling Back the Curtain: Working with Your Legal Department to Optimize Your Relationship With Your Outside Law Firms -...

The pressure between managing external legal costs and efficient execution of your company’s legal tasks while maintaining a successful relationship with your outside law firms can be a challenge. In this webinar, we examine...more

Montana Law Revised To Allow Captives To Organize As Limited Liability Companies

On April 28, 2015, Montana Governor Steve Bullock signed into law amendments to Montana’s law regarding captive insurers. Significantly, the amendments make it possible for public entities in Montana to set up captives....more

Policyholders Should Resist Insurer Demands to Allocate Settlements

« California’s “Independent” Cumis Counsel Regime Faces A Novel Challenge | Main by Dennis Cusack Policyholders seeking insurance funds to settle a case often face an insurer’s demand that some amount should be allocated to...more

Is that Covered? Data Breach

With all of the data breach issues in the news, we thought that this decision might be of interest to you. The Connecticut Supreme Court today affirmed a lower court ruling denying coverage to IBM for more than $6 million in...more

Kentucky Court Holds D&O Policy Not Triggered By Suit Against Condo Board

In its recent decision in State Auto Prop. & Cas. Ins. Co. v. Highland Terrace Counsel of Co-Owners, Inc., 2015 U.S. Dist. LEXIS 59663 (W.D. Ky. May 7, 2015), the United States District Court for the Western District of...more

Insurance Recovery Law - May 2015

California Appellate Court: All Claims “Arising From” Ponzi Scheme Are Precluded - Why it matters: Concluding that any claims related to a Ponzi scheme—even if they involved different investors, investments, or...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Locke Lord QuickStudy: Proposed Regulations Issued On Hedge Fund Reinsurance Transactions

The Internal Revenue Service (IRS) recently issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (PFIC) rules (the...more

CIMA: Proposed changes to outsourcing arrangements for funds service providers

The Cayman Islands Monetary Authority (“CIMA”) has recently released a draft Statement of Guidance: Outsourcing All Regulated Entities (Excluding Regulated Mutual Funds) (“SOG”) and Consultation Paper (“Paper”). The...more

NAIC Update – Spring 2015

The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and...more

2015 Federal Budget – Selected Tax Measures

On April 21, 2015, the Minister of Finance presented Canada’s long-awaited 2015 Federal Budget (the 2015 Budget). The 2015 Budget includes a number of taxpayer-friendly measures, including limited relief from Canadian source...more

"MassMutual Victory May Pave the Way for Earlier Deductions"

Earlier this month, Massachusetts Mutual Life Insurance Company (MassMutual), represented by Skadden, won a federal appeal permitting the company to deduct policyholder dividends in the year the dividends were declared, even...more

Focus on Tax Controversy - Spring 2015

In This Issue: - Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News for Taxpayers - When Is a Second Inspection Not a Second Inspection? - Captive Insurance Litigation: Key 2014 Cases ...more

Two Oft-Neglected Cybersecurity Protections

With each passing year, cybercrime moves further into the mainstream of public company existence. What until recently was mostly an annoying, abstract concern for a handful of companies is now a daily menace that impacts...more

Texas Legislation Looks to Enhance Captive Regulatory Environment

In 2013, Texas enacted legislation authorizing captive insurance companies to be domiciled in Texas for the first time, with the first Texas captive becoming licensed on March 17, 2014. ...more

The TCPA: Deep Dive: Details, Class Actions, Regulations, and Defense Strategies [Video]

In Part One of our complimentary, two-part webinar on the TCPA, we covered the basics. Join us for the second hour-long segment, as we get into the weeds of the TCPA. Part Two will cover: Exemptions/Details · What is an...more

R&W Insurance in Middle-Market M&A

As competition for middle-market M&A transactions becomes more acute, prospective buyers, particularly private equity firms, wishing to distinguish themselves from others may employ representation and warranty insurance (R&W...more

Mind the Gap! Avoiding Unexpected Gaps in Insurance Programs

No one insurance policy covers all liability risks. Risk managers expect to purchase several types or layers of insurance to cover different types of insurance liabilities, to provide sufficient limits for a catastrophe loss,...more

The TCPA: Basics, Targeted Industries, and Trends [Video]

The Telephone Consumer Protection Act (TCPA) was originally enacted to curb intrusive telemarketing and "robo" calls by restricting calls made to residences, and those made to cell phones using automated telephone dialing...more

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