Finance & Banking, Insurance

A Whiter Shade of Pale -- Building a Private Label Investment Program with Private Placement Life Insurance and Annuities

by Gerald Nowotny on 5/22/2013

Overview - Poor John Paulsen! Now that's an oxymoron! He has to be the most radioactive man on the Planet when it comes to tax planning. Everything he touches in business seems to be couched in subversive tax planning...more

CFPB settles RESPA enforcement action involving affiliated business arrangements

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

by Robert Wallan | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...more

New Requirements re Insurance for LTD Plans of Federally-Regulated Employers Coming Into Force in 2014

by Douglas Rienzo | Osler, Hoskin & Harcourt LLP on 5/14/2013

In 2012, the federal government passed Bill C-38, the Jobs, Growth and Long-term Prosperity Act, which among other things amends the Canada Labour Code (the Code) to implement insurance requirements for long-term disability...more

Missouri Court Rejects Attempt to Plead Conversion into Coverage through Negligence Counts

by Kathryn Metz | Sedgwick LLP on 5/13/2013

In Allen v. Cont’l W. Ins. Co., 2013 WL 1803476 (Mo. Ct. App. April 30, 2013), the Missouri Court of Appeals found that a Commercial General Liability (“CGL”) insurer had no duty to defend its insureds, a title loan company...more

CFPB proposes delay in effective date of Reg Z prohibition on financing credit insurance premiums

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/13/2013

The CFPB has issued a proposal to temporarily delay the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The proposal responds to concerns raised by...more

Capital Infusion - May 2013: Policy Spotlight: Affordable Care Act

by Adam Connatser, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean | Patton Boggs LLP on 5/10/2013

EMPLOYER RESPONSIBILITIES UNDER THE AFFORDABLE CARE ACT AND THE IMPACT on PRIVATE INVESTMENT FUNDS - Implementation of the Affordable Care Act (“ACA”) continues at an accelerated pace. Some of its most important...more

Greenberger: Derivatives Legislation Would Seriously Weaken Dodd-Frank [Video]

by Bloomberg Law on 5/10/2013

May 10 (Bloomberg Law) -- Michael Greenberger, a professor at the University of Maryland School of Law, tells Bloomberg Law's Lee Pacchia that a new set of legislation making its way through the House of Representatives could...more

MBIA and Flagstar Settle

by Orrick - Structured Finance Group on 5/9/2013

On May 2, MBIA Insurance Corporation announced that it reached a settlement with Flagstar Bank in its lawsuit arising out of $1 billion in Flagstar-sponsored MBS that MBIA insured. MBIA sued Flagstar for breach of warranty...more

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

by Gerald Nowotny on 5/9/2013

Overview - This article discusses the use of private placement products - private placement deferred variable annuities (PPVA) and private placement life insurance (PPLI)- in post mortem income tax and transfer tax...more

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

by Orrick - Structured Finance Group on 5/9/2013

On April 29, Justice Eileen Bransten of the New York State Supreme Court issued an opinion granting in part and denying in part competing motions for summary judgment filed by MBIA and Countrywide in connection with tort and...more

HUD Supplements Guidance On FHA Lender Insurance Program

by BuckleySandler LLP on 5/8/2013

On May 1, HUD issued Mortgagee Letter 2013-12, which updates and replaces another recently issued letter – 2013-10 – on the FHA’s Lender Insurance Program. The letter explains enhancements to that program, which allows...more

May and June Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

by King & Spalding on 5/7/2013

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

Legal Alert: FATCA NFFE Rules Subject Non-U.S. P&C Insurers and Reinsurers to Burdensome Reporting Requirements

by Dennis Allen, Thomas A. Gick, Saren Goldner, Jeffrey Mace, Michael Miles, William Pauls, M. Kristan Rizzolo, Christopher Schoen, Linda Sciuto, W. Mark Smith, Carol Tello, more +William Walderman, P. Bruce Wright | Sutherland Asbill & Brennan LLP on 5/6/2013

The good news is that, under the recently released Foreign Account Tax Compliance Act (FATCA) regulations, most non-U.S. property and casualty (P&C) insurance and reinsurance companies will not be considered foreign financial...more

Recent Developments in New York's Taxation of Unauthorized Life Insurers

by Stanley Kaminski, Hugh T. McCormick | Duane Morris LLP on 5/3/2013

Prior to 2012, New York afforded surprisingly favorable tax treatment to life insurance companies that are not licensed to conduct business in New York ("unauthorized life insurers"), but that owned real estate investments in...more

New York Insurance Holding Company Regulation Amendments to take effect on June 23, 2013

by Frederic M. Garsson | Saul Ewing LLP on 5/3/2013

The New York Department of Financial Services has adopted amendments to its insurance holding company regulation, which are intended to (i) harmonize the regulation to the NAIC’s Model Insurance Holding Company System...more

Wealth Management Update - May 2013

by Maggie Mouradian | Proskauer Rose LLP on 5/3/2013

The May § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2%, which is a slight decrease from April's rate of 1.4%. The applicable federal rate ("AFR") for use with a sale to a...more

Insurance Recovery Law -- May 01, 2013

by Manatt, Phelps & Phillips, LLP on 5/2/2013

Insurers Had Duty to Defend Regardless of Whether Allegations in Underlying Cases Are True or False, Says Illinois Court - On April 12, 2013, an Illinois trial court ordered that Travelers Casualty & Surety Company,...more

Monthly Benefits Update - April 2013

by Andrew Malahowski | Franczek Radelet P.C. on 5/1/2013

Health Care Reform: Guidance on Required Future Modifications to SBC, Other Issues - The Internal Revenue Service (IRS), Department of Labor (DOL), and Department of Health and Human Services (HHS) issued new guidance...more

New Whistleblower Bounty Law On The Horizon In NY?

by Steven J. Pearlman, Daniel Saperstein | Proskauer - Whistleblowing & Retaliation on 5/1/2013

On March 22, 2013, the New York State Senate introduced the S4362 Proposal which, through a “bounty,” gives financial awards to whistleblowers who provide original information to the Department of Financial Services (DFS)...more

NY Appellate Court Holds CIFG and Syncora Lack Standing in $1.8 Billion MBS Suit

by Orrick - Structured Finance Group on 4/30/2013

On April 25, the First Department of the Appellate Division of the New York Supreme Court affirmed an order barring monoline insurers CIFG and Syncora from suing GreenPoint Mortgage Funding for alleged violations of...more

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

by Orrick - Structured Finance Group on 4/30/2013

On April 22, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred the Federal Deposit Insurance Corporation’s (FDIC) $31 million suit against JPMorgan...more

Affordable Care Act: New Requirements for Summary of Benefits and Coverage

by Andrew Elbon, B. David Joffe | Bradley Arant Boult Cummings LLP on 4/30/2013

The Departments of Labor, Treasury, and Health & Human Services have issued new guidance on the content requirements for health plan summaries of benefits and coverage (“SBCs”). Plan sponsors should ensure that the SBCs...more

Expanding Market for Insurance and Risk Securities Promises High Risk, High Reward - and High Potential for Claims

by Daniel Murphy, Jerry Phillips | Loeb & Loeb LLP on 4/29/2013

The securities marketplace has experienced a resurgence of interest in insurance- and risk-linked securities, primarily as a result of Hurricane Katrina and Superstorm Sandy. First introduced after the Northridge earthquake...more

New York Announces Two Additional Lender-Placed Insurance Actions

by BuckleySandler LLP on 4/29/2013

On April 18, New York Governor Andrew Cuomo announced that the New York State Department of Financial Services obtained two additional separate settlement agreements, one with QBE Insurance Company and one with Balboa...more

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Finance & Banking › Insurance

A Whiter Shade of Pale -- Building a Private Label Investment Program with Private Placement Life Insurance and Annuities

CFPB settles RESPA enforcement action involving affiliated business arrangements

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

New Requirements re Insurance for LTD Plans of Federally-Regulated Employers Coming Into Force in 2014

Missouri Court Rejects Attempt to Plead Conversion into Coverage through Negligence Counts

CFPB proposes delay in effective date of Reg Z prohibition on financing credit insurance premiums

Capital Infusion - May 2013: Policy Spotlight: Affordable Care Act

Greenberger: Derivatives Legislation Would Seriously Weaken Dodd-Frank [Video]

MBIA and Flagstar Settle

Tales from the Crypt -- Post-Mortem Planning Using Private Placement Insurance Products

Court Issues Summary Judgment Ruling in MBIA’s RMBS Action Against Countrywide

HUD Supplements Guidance On FHA Lender Insurance Program

May and June Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Legal Alert: FATCA NFFE Rules Subject Non-U.S. P&C Insurers and Reinsurers to Burdensome Reporting Requirements

Recent Developments in New York's Taxation of Unauthorized Life Insurers

New York Insurance Holding Company Regulation Amendments to take effect on June 23, 2013

Wealth Management Update - May 2013

Insurance Recovery Law -- May 01, 2013

Monthly Benefits Update - April 2013

New Whistleblower Bounty Law On The Horizon In NY?

NY Appellate Court Holds CIFG and Syncora Lack Standing in $1.8 Billion MBS Suit

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

Affordable Care Act: New Requirements for Summary of Benefits and Coverage

Expanding Market for Insurance and Risk Securities Promises High Risk, High Reward - and High Potential for Claims

New York Announces Two Additional Lender-Placed Insurance Actions

Greenberger: Derivatives Legislation Would Seriously Weaken Dodd-Frank [Video]

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