General Business Insurance Finance & Banking

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Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Seventh Circuit Limits Construction Lender’s Use of Title Insurance Policy to Cover Construction Liens Created by Lender’s Cutoff...

In a recent decision written by Judge Sykes, affirming a decision from the Western District of Wisconsin, in an issue governed by Wisconsin law, the Seventh Circuit ruled that a title insurer has no duty to indemnify a...more

How to Protect Your Company’s Bottom Line Against Data Breach Losses Through Insurance

In the wake of what seems to be daily announcements of new data security breaches and increased regulatory oversight over company information security and privacy practices, companies are looking for ways to minimize risks...more

Special Focus: What The Insurance Industry Should Know About The IRS’s Campaign Against “Abusive” Micro Captives

Though in the midst of a stifling budget and personnel reduction, the United States Internal Revenue Service (“IRS”) recently announced an increased effort to curb what it sees as widespread abusive applications of so-called...more

For Life Insurers and Agents – A Summary of Predicted Litigation Under the DOL’s Proposed Fiduciary Rule

The Department of Labor’s recent Proposed Rule (the “Proposal”), which defines the term “fiduciary” as it applies to persons who provide “investment advice” to ERISA plans and IRAs, will impact the likelihood and severity of...more

Sixth Circuit Holds No Disgorgement of Profits Based on Wrongfully Denied ERISA Disability Benefits

The Sixth Circuit Court of Appeals, sitting en banc, recently decided a closely-watched case regarding the scope of "other appropriate equitable relief" under ERISA Section 502(a)(3). In Rochow v. LINA, the court held that...more

Statutory Accounting Fraud Under RICO

Echoing New York’s regulatory criticism concerning the use of captive reinsurers and similar allegations in recent class actions filed against several New York life insurers, an annuity contract owner has filed a putative...more

Litigation Finance on the Rise — But Questions Abound

Increasingly, lawyers are identifying a purportedly injured plaintiff, a theory of liability, and a defendant, and then turning to a hedge fund to finance the lawsuit, perhaps with the help of a litigation finance specialist....more

Ninth Circuit Finds Bonus Indexed Annuity Delivers Exactly What was Promised

Observing that it "delivered precisely what it promised," the Ninth Circuit Court of Appeals recently affirmed summary judgment for an insurer in a case alleging violations of the Racketeer Influenced and Corrupt...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 5 & 12, 2015

REAL PROPERTY UPDATE - Lien Priority: claimant’s judgment lien related back to recording of lis pendens and therefore took priority over competing judgment lien obtained after lis pendens but before entry of claimant’s...more

[Event] Evolving the Compliance Function: Leveraging Data to Lead the Convergence of Risk, Internal Audit and Ethics & Compliance...

Things are changing fast in the worlds of governance, risk management and compliance. With each day comes bigger corporate risks and the consequences of not seeing them coming. Companies are beginning to embrace “breaking...more

Regional Bank Agrees to Pay Over $200 Million for Alleged Violations of the False Claims Act

On June 1, a regional bank agreed to pay the United States $212.5 million to resolve allegations that it knowingly violated the False Claims Act by originating and underwriting FHA-insured mortgage loans that did not meet...more

NAIC Close to Adopting Guideline for IUL Illustrations

On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), the NAIC’s Life Insurance...more

The IRS Turns Up the Heat on Hedge Fund-Backed Reinsurance

After years of inaction, the Internal Revenue Service (IRS) is throwing up obstacles to enjoying the tax advantages of hedge fund-backed reinsurance. On April 24, 2015, the IRS issued a notice of proposed rulemaking titled...more

Does Your Ethics & Compliance Policy Management Work? [Survey Says…]

The most definitive set of benchmarking data on ethics and compliance policy management ever compiled: NAVEX Global conducted an anonymous survey of nearly 900 ethics and compliance professionals about policy...more

Analysis: The Impact of the DOL’s Fiduciary Proposal on Sales of Insurance Products

This paper explains the basis for our conclusions about the impact of the Department of Labor (DOL) proposal to amend the fiduciary investment advice regulation and the prohibited transaction (PT) exemptions for sales of...more

NAIC Panel Approves Draft Captive Accreditation Standards

The NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products. The approval comes...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending May 22, 2015

REAL PROPERTY UPDATE - Duty to Disclose/Vacant Property: plaintiff failed to present competent, substantial evidence of existence of fact materially affecting value of property and did not prove defendants had actual...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

Privacy Tuesday – June 2015 – Courts Affirm Insurers’ Denial of Coverage for Electronic Data Claims  

In the last month, both a federal and state court denied coverage for claims relating to an insured’s handling of electronic data. In the first case, a federal court held that there was no coverage under a cyber insurance...more

Global Trends in Insurance M&A in 2014 and Beyond

Looking back on 2014: The return of the billion dollar transactions - In recent years, insurance companies have largely focused on improving their performance by cutting costs amidst a slow post-global financial crisis...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

Oklahoma Court Holds the Policyholder Can Also Be the Vandal

Earlier this week an Oklahoma federal court addressed a mortgagee’s claim for vandalism loss – a topic we also discussed in Wednesday’s post. In American Modern Home Ins. Co. v. Tulsa Fed. Credit Union, 2015 WL 2372549, 2015...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

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