Finance & Banking Insurance

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Real Property, Financial Services & Title Insurance Case Law Updates

I. FLORIDA STATE CASES - Quiet Title: deed reservation of right-of-way in favor of State, which applied only to tracts of land of 10 acres or more, did not attach to title of landowner of less than 10 acres and,...more

New York Budget Legislation

On March 31, 2014, New York State Governor Andrew Cuomo signed into law the 2014-2015 New York State Budget (Budget), which results in the most significant overhaul of New York’s franchise tax in decades. The Budget brings...more

SDNY Certifies Interlocutory Appeal In Lender-Placed Insurance Dispute

On April 3, the U.S. District Court for the Southern District of New York certified an interlocutory appeal of an order denying a motion to dismiss filed by a group of insurers facing class allegations of unlawful...more

New York State To Require Title Agents To Be Licensed

With the passage of the New York 2014-15 budget, New York becomes one of the last states in the country to license title agents. The budget includes measures that authorize the Department of Financial Services (DFS) to...more

New York Department Of Financial Services Fines Metlife Subsidiaries $60 Million

On March 31, 2014, Benjamin M. Lawsky, Superintendent of the New York Department of Financial Services ("NYDFS") announced an Agreement under which MetLife will pay $60 million for insurance licensing violations by two of its...more

Treasury releases its submission to the inquiry

The Department of Treasury has released its submission to the Financial Systems Inquiry. The 90 page submission concludes that the financial system has performed well since the Wallis inquiry but there is room for the system...more

New Capital, New Regulations? U.S. Insurance Regulators Continue to React to Influx of Private Equity/Hedge/Pension Fund Capital

Last week, in Orlando, the NAIC’s Private Equity Issues Working Group (the Working Group) held its second meeting. At meetings of most of the other NAIC working groups formed in recent decades to address specific industry...more

New York DFS Obtains Substantial Settlement In Licensing Enforcement Action

On March 31, in an enforcement action with potential implications for a range of financial service providers, the New York State Department of Financial Services (DFS) announced that an insurance holding company agreed to pay...more

Georgia District Court Judge Rules that FIRREA Precludes D&O Insurer Declaratory Judgment Actions Against FDIC as Receiver and...

On March 5, 2014, Judge Richard Story in the United States District Court for the Northern District of Georgia issued an order denying Plaintiff OneBeacon Midwest Insurance Company’s (OneBeacon) Motion for Limited...more

Defined Benefits Plans are to save $$$, not to make insurance salesman crazy $$$$

While the talk about retirement plans is usually centered on 401(k) plans, the value of a defined benefit plan for those companies that could afford it should not be discounted. Thanks to the generous deductible contribution...more

President Signs Flood Insurance Bill

On March 21, President Obama signed the Homeowner Flood Insurance Affordability Act of 2013, which includes several provisions impacting previously enacted mandatory flood insurance purchase requirements. The bill, among...more

Employee Benefits Developments - March 2014

On January 9, 2014, the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury (collectively, the “Departments”) issued additional health care reform guidance in the form of Frequently Asked Questions...more

FCA Fines Besso Limited for Anti-Bribery and Corruption Systems Failings

The Financial Conduct Authority (FCA) has fined Besso Limited, an independent management owned general insurance broker in the Lloyd’s Broking group, £315,000 for a failure to take reasonable care to establish and maintain...more

Securing Public Deposits Under Pennsylvania's Act 72

A governmental entity in Pennsylvania may deposit its moneys in a financial institution only if the financial institution pledges collateral for the deposit to the extent the deposit exceeds the FDIC insurance limits. This...more

Report to NAIC on Captives: The Controversy About Principle-Based Reserves and Captives Continues

The use by life insurance companies of captive reinsurance companies to finance XXX and AXXX reserves has been a significant and contentious issue in recent years. Some members of the National Association of Insurance...more

Freddie Mac Requires Lender-Placed Insurance Compliance Certification, Updates Foreclosure And Transfer Tax Policies

On March 17, Freddie Mac issued Bulletin 2014-3, which requires servicers to provide a certification that they are or will be in compliance with new lender-placed insurance requirements announced in Bulletin 2013-27. With...more

Real Property, Financial Services & Title Insurance Case Law Update: Weeks Ending March 14 & March 21, 2014

I. FLORIDA STATE CASES – SCOTT FEATHER & JOURDAN HAYNES - - Summary Judgment: reversal of summary final judgment of foreclosure because of disputed issues of fact concerning amount of rents received from property that...more

Ambiguities In Reinsurance Broker Agreement Preclude Summary Judgment

A federal district court in Arkansas recently examined provisions of a Broker Authorization Agreement between a reinsurance broker (Global Risk) and a ceding insurer (Aetna). In denying cross-motions for summary judgment on...more

N.Y. Banking and Insurance Superintendent Unveils Aggressive Agenda

Benjamin M. Lawsky, who heads the New York State Department of Financial Services (DFS), indicated that his agency is seriously considering more aggressive investigation and pursuit of individuals whose malfeasance has led...more

5 Things Every CMBA Member Should Know

A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and...more

To Err Is Human: A Spring in the Misstep

Today is the first day of spring, a season of renewal. It’s spring training, spring cleaning and spring break. Some wonderful E&O prevention and educational resources are available out there. We at Wilson Elser provide...more

Federal Court Refuses To Dismiss Plaintiffs’ Putative Class Action In Captive Reinsurance Case

On their third attempt to state a claim for mortgage services fraud pursuant to the Real Estate Services Settlement and Procedures Act (“RESPA”), Plaintiffs in a putative class action overcame defendants’ motion to dismiss on...more

Lender’s Title Insurance: When Should Courts Measure the Fair Market Value of Property Affected by a Title Defect?*

Title insurance is designed to pay for damages caused by any defects to title that the title company should have discovered but did not. Lender’s title insurance protects lenders who lose money due to a title defect, which...more

The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and...more

Flood Insurance Reform Bill with Escrow Amendments Awaits President’s Signature

The U.S. House of Representatives and Senate recently passed, and the President is expected to sign into law, amendments to the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). The legislation seeks to address...more

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