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Federal Court Practice Update for Insurance Matters

Recent changes in the Federal Court of Australia will streamline how insurance matters are managed and heard by the Court. Specific judges will be allocated to hear insurance related cases within the national Commercial &...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 20, 2015

REAL PROPERTY UPDATE - Probate/Quit Claim Deeds: trial court correctly ordered personal representative to issue deeds conveying properties to son and mother, subject to life estate held by son – Ciungu v. Bulea, Case...more

CFPB Issues Arbitration Study – Possible Impact On Reinsurance Unclear

The Consumer Financial Protection Bureau has issued a study that is critical of arbitration in the context of consumer claims, contenting that arbitration “restricts” the rights and remedies of consumers by limiting or...more

To Fund or Not to Fund – that is the Question

On Friday the 13th (3/13/2015), the Court of Appeals for the 7th Circuit decided that a title insurer did not have to provide coverage to its insured – the perfected, first lien lender – for priming mechanics’ liens that –...more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 6 & 13, 2015

Real Property Update: Deed Restriction: genuine issue of material facts remains concerning whether original parties to deed with restrictions contemplated future unilateral amendments to restrictions that would bind...more

Evolving Audit Committee Standards for Texas Insurers

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the...more

Germany's Amended Investment Ordinance

The Investment Ordinance (Anlageverordnung – “Investment Ordinance” or “AnlV”), as recently amended and as discussed in more detail below, applies to the investments and the asset allocation of insurance companies and pension...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 P&C Insurance Demutualization Regulations: Unknown Unknowns

On February 28, 2015, the Department of Finance released draft regulations under the Insurance Companies Act (Act) providing for a framework for the demutualization process applicable to mutual property and casualty insurance...more

Maximizing Insurance Coverage for CFPB Investigations and Enforcement Actions

Seven years removed from the 2008 financial crisis, an increasing number of financial institutions are now finding themselves in the crosshairs of the Consumer Financial Protection Bureau (“CFPB”), a new federal agency...more

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF), February 2015

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

NY Whistleblower Bounty Program On The Horizon?

NY Attorney General Eric Schneiderman recently announced his plans to propose legislation that would create a whistleblower incentive program at the state level. The proposal, titled the Financial Frauds Whistleblower Act,...more

Federal Office Of Insurance Requests Comments For TRIA Certification Study

Section 107 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the “Reauthorization Act”) requires the Secretary of the Treasury (“Secretary”) to conduct a study of the certification process required under...more

New York AG Set to Propose Whistleblower Legislation

On February 26, New York AG Eric Schneiderman announced that he intends to propose state legislation to reward and protect employees who report information about misconduct in the banking, insurance, and financial services...more

PE Matters - Q1 2015

Welcome to the Q1 2015 edition of PE Matters. It is tempting to make predictions at this time of year about the year ahead. This is a pretty risky thing to do at any time but this year seems more difficult than most. Economic...more

Unclaimed Property Issues Under Debate as Uniform Law Commission Rewrites the Uniform Act

Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission (ULC or Commission) Committee to Revise the Uniform Unclaimed Property Act (Drafting...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

Interim TRIA Guidance Issued By Department Of Treasury

As previously reported, the Terrorism Risk Insurance Act (“TRIA” or the “Program”) was re-authorized and signed into law on January 12, 2015 (the “Reauthorization Act”). On February 4, 2015, the Department of Treasury...more

Delaware Court Orders Bank To Turn Over $156 Million Of Reinsurer’s Assets To State Insurance Commissioner

The Delaware Court of Chancery has denied U.S. Bank, N.A.’s request for an order establishing its right to retain cash and securities valued at $156 million and maintained by Freestone Insurance Company, a reinsurer now in...more

Alternative Capital Proving That For Reinsurers, Size Does Not Matter

The (re)insurance industry is changing and recent consolidations are signaling a momentous shift for customers too. Every once in a while the staid insurance and reinsurance industries go through a momentous change...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

Goldman Sachs Settles RMBS Suit

On February 6, 2015, plaintiffs Union Central Life Insurance, Ameritas Life Insurance, and Acacia Life Insurance filed a letter with the court stating that they had reached an agreement with Goldman Sachs to settle claims...more

RMBS Fraud Claims Against Bank of America Dismissed

On February 6, 2015, Judge Stanley Chesler of the United States District Court for the District of New Jersey granted in part and denied in part Bank of America’s motions to dismiss two related cases filed against it by...more

Bank of Delmarva v. South Shore Ventures, LLC, Del. Super., C.A. No. S13C-05-008 THG (Oct. 21, 2014)

The Superior Court granted the Bank of Delmarva’s (“Bank”) motion for summary judgment as to each of Defendant John E. O’Brien’s (“Defendant”) counterclaims. In 2005, Defendant along with South Shore Ventures, LLC (“Shore”)...more

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