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General Business Finance & Banking Insurance

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Combating climate change: NYDFS calls on insurance industry to help

by Hogan Lovells on

On 26 July 2017, the New York Department of Financial Services (the “NYDFS”) issued Circular Letter No. 9 (2017) (the “Circular Letter”) and a corresponding press release, directed at all life, property/casualty, and health...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

Real Property & Title Insurance Update: Week Ending August 11, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Short Sale/Statute of Limitations: Florida Statute section 95.11(5)(h)’s one year statute of limitations period does not apply to bar Bank’s cause of action for deficiency judgment...more

DFS Cyber Regulation Countdown: Who Should Certify Compliance?

Companies subject to New York’s Department of Financial Services (DFS) new cybersecurity regulation should be preparing to comply with the first round of requirements by the upcoming August 28th deadline: enacting a...more

DOL to Propose Extension of Fiduciary Rule Transition Period

by Morgan Lewis on

The proposal is expected to delay additional conditions of exemptions from January 1, 2018 to July 1, 2019, but the ultimate length of delay will not be clear until the DOL publishes a final rule....more

A Guide to NYDFS Cybersecurity Regulations’ August 28 Implementation Deadline

by Hogan Lovells on

As a follow-up to our previous reports (December 30, 2016 Alert; February 24, 2017 Alert) regarding the cybersecurity regulations issued by the New York State Department of Financial Services (NYDFS), we would like to remind...more

Court Finds That Reinsurance Transaction Did Not Breach Investment Contract Underlying An ERISA Plan

by Carlton Fields on

MetLife acquired the rights to a fixed investment option contract with Midco, a trust established to administer a retirement plan for the employees of Midco International, Inc. Midco plan participants received interest each...more

Real Property & Title Insurance Update: Week Ending July 28 & August 4, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Redemption: foreclosure sale conducted without knowledge of bankruptcy affirmed, but trial court orders denying mortgagor opportunity to redeem property before certificate of sale...more

Securitisation in Poland: Legal and tax aspects

by Hogan Lovells on

Securitisation transactions have been receiving increased attention as attractive alternatives for Polish companies, especially those who can derive large pools of receivables from the debtors which are consumers or...more

Debt Dialogue: July 2017 - Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part Two

Our two-part article on non-con and true sale issues in insurance contexts continues with a deeper dive into the considerations that distinguish these issues from similar remoteness principles in a Bankruptcy Code context. In...more

Northern District Of Illinois Dismisses Lawsuit Involving Reinsurance For Private Mortgage Insurance

by Carlton Fields on

In a lawsuit filed by the Rehabilitator for a private mortgage insurance provider, the District Court found that the causes of action either failed to meet the Iqbal pleading standard, contained implausible allegations, or...more

Debt Dialogue: July 2017 - Non-consolidation and True Sale Issues for Insurance Company Sponsors — Part One

This two-part article discusses the key concerns, from a non-consolidation and true sale perspective, that arise when an insurance company, as opposed to a bankruptcy-eligible entity, is a sponsor/seller in a securitization...more

Mutual Fund Advisers Win Again on Section 36(b) Claims

by Carlton Fields on

Following a four-day bench trial, New Jersey District Judge Renee Bumb granted judgment to defendant Hartford mutual fund advisers on "excessive fee" claims brought by fund shareholders under Section 36(b) of the Investment...more

UK: Corporate Insurance Newseltter – June 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for June has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue,...more

Special Purpose National Bank Charter for FINTECH Firms

by Carlton Fields on

The office of the Comptroller of the Currency (OCC) published a draft supplement to its licensing manual, to define and tailor the requirements for FINTECH companies that apply for special purpose national bank charters. This...more

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

by Carlton Fields on

The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain...more

Chief Compliance Officers Beware

by Carlton Fields on

In recent years, financial regulators have increasingly taken enforcement action against chief compliance officers (CCOs) and others in compliance oversight roles, rather than just against their employers....more

Blockchain: The Policyholder Plan for Smart Insurance Policies

Insurers’ exploration of distributed ledger technology (DLT), commonly referred to as blockchain, continues to expand. Last month, AIG announced a partnership with IBM and Standard Chartered Bank P.L.C. to test a “smart...more

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

by Carlton Fields on

On June 1, SEC Chairman Jay Clayton issued a statement seeking comments from interested parties regarding the standards of conduct for investment advisers and broker-dealers providing investment advice to retail investors....more

FINRA Public Offering Proposal Excludes All Insurance Contracts

by Carlton Fields on

For the first time since 2004, FINRA has proposed major amendments to its requirements that govern the terms of the underwriting arrangements for most public offerings of securities and mandate that such arrangements be...more

FINRA Proposes to Loosen Restrictions on Performance Projections

by Carlton Fields on

In March, FINRA solicited comments on proposed amendments to Rule 2210, Communications with the Public, that would create an exception to the rule’s prohibition on projecting investment performance. The proposed exception...more

FINRA Moves to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

FINRA has taken another step to protect against what it calls "financial exploitation of vulnerable individuals or individuals with diminished capacity." These include seniors (at least age 65) and persons (at least age 18)...more

Real Property & Title Insurance Update: Week Ending July 14 & 21, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Standing: note owner had constructive possession of promissory note in original servicer’s physically possession of blank-endorsed note when it filed the complaint, and had standing to...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation - Q&A on IRA Transactions

by Carlton Fields on

Previously, I wrote about potential litigation under the Department of Labor’s then proposed fiduciary rule (see Expect Focus, Vol. II, 2015). I predicted the following as to sales of index annuities to IRAs if the rule was...more

Bienvenidos a Colombia: A Friendly Market for Foreign Reinsurers

by Zelle LLP on

By comparison to other jurisdictions, international reinsurers have easy access to the Colombian market. While the access to underwriting risks is not as limiting, it is not boundless. Colombia has delineated requirements...more

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