Finance & Banking Insurance

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House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

Focus on Tax Controversy - Spring 2015

In This Issue: - Fifth Circuit Ruling in BMC Software, Inc. v. Comm’r. Is Good News for Taxpayers - When Is a Second Inspection Not a Second Inspection? - Captive Insurance Litigation: Key 2014 Cases ...more

IRS Releases Favorable Private Letter Ruling on “Taxable Annuity.”

On April 10, the Internal Revenue Service (IRS) released PLR 201515001 (Oct. 10, 2014), favorably addressing a “taxable annuity”—essentially, a deferred annuity contract supported, in part, by subaccounts, each of which...more

Title Insurance Regulatory and Legislative Update - April 2015

Title Guaranty Fund Guidelines Adopted: The Title Insurance Task Force met at the NAIC Spring National Meeting in Phoenix, Arizona and adopted the “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund...more

Claims Made During Policy Period Barred When Arising Out of Facts Disclosed or Required to be Disclosed in Application

In Crown Capital Securities v. Endurance Amer. Specialty Ins. Co. (No. B256241, filed 4/10/15), a California appeals court affirmed summary judgment for a professional liability insurer on a finding that coverage was barred...more

Sale of Online Insurance Products: AMF Releases Recommendations

On April 2, 2015, the Autorité des marchés financiers (AMF), the regulatory body responsible for enforcing the legislative framework applicable to the financial sector in Quebec, released a report entitled Internet Insurance...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 10, 2015

REAL PROPERTY UPDATE - Foreclosure/Mediation: trial court erred in compelling borrowers to produce financial information at mediation not relevant pre-foreclosure judgment – Morejon v. F&M Real, Inc., No. 2D14-2531...more

Florida Appeals Court Quashes Order Requiring Insurance Commissioner to Testify

On March 13, 2015, in Florida Office of Insurance Regulation v. Florida Department of Financial Services, Florida’s First District Court of Appeals quashed the trial court’s order compelling the deposition of the Florida...more

The TCPA: Deep Dive: Details, Class Actions, Regulations, and Defense Strategies [Video]

In Part One of our complimentary, two-part webinar on the TCPA, we covered the basics. Join us for the second hour-long segment, as we get into the weeds of the TCPA. Part Two will cover: Exemptions/Details · What is an...more

Hypothetically Speaking, Mr. Insurance Commissioner, There Is No Need To Answer

A recent case pitted two State of Florida agencies involved in insurance regulation against one another, and resulted in a decision by the appellate court that the Insurance Commissioner could not be compelled to appear as a...more

Trademarks in Cuba, Successful Whistleblowers, Big Data, Health Care Encryption, Jury Instruction Tips [Expect Focus – Vol. 1,...

IN THE SPOTLIGHT · Is your Company Ready to Comply with Encryption of Individually Identifiable Health Information? LIFE INSURANCE · STOLI Schemers Must Make Good on Damages Caused · At the State Level, Is a Fixed-Index...more

R&W Insurance in Middle-Market M&A

As competition for middle-market M&A transactions becomes more acute, prospective buyers, particularly private equity firms, wishing to distinguish themselves from others may employ representation and warranty insurance (R&W...more

Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers

In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently...more

New CFPB Consent Orders Point to Growing Indirect Regulation of Title Insurance

The Dodd-Frank Act of 2010 granted rule-making authority under the Real Estate Settlement Procedures Act (RESPA) to the CFPB and, with respect to entities under its jurisdiction, generally granted authority to the CFPB to...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 3, 2015

REAL PROPERTY UPDATE - Judgment: amount awarded in judgment of foreclosure must be supported by competent evidence and lender not entitled to award of interest or fees when only statement in evidence reflected...more

The TCPA: Basics, Targeted Industries, and Trends [Video]

The Telephone Consumer Protection Act (TCPA) was originally enacted to curb intrusive telemarketing and "robo" calls by restricting calls made to residences, and those made to cell phones using automated telephone dialing...more

Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting

Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more

Too Many Changes, More Consultation Required: Comments on Proposed Cooperative Capital Markets Legislation

Comments on the consultation drafts of the uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and new federal capital markets legislation, Capital Markets Stability Act (CMSA),...more

New York Regulators Implement New Measures to Strengthen Cybersecurity in the Insurance Industry

The February 4, 2015 announcement of a data breach at a national health insurer highlighted the need for tighter cybersecurity measures in an industry entrusted with the security of large amounts of sensitive personal...more

Part 2: Sienkiewicz v Salisbury Group Ltd – Insurers denial of indemnity upheld

In October 2013, James Baird posted an article following the Federal Court’s decision to join insurers to a proceeding issued by the applicants (trustees Mr and Mrs Sienkiewicz and AT Melville Pty Ltd) against their former...more

NCOIL Revises Unclaimed Property Model Act

The National Conference of Insurance Legislators (NCOIL) recently adopted an enhanced Model Unclaimed Life Insurance Benefits Act to address particular concerns regarding the Social Security Death Master File (the DMF). The...more

Morgan Stanley Agrees to Resolution of Multi-State Unclaimed Property Audit

The California State Controller announced an Audit Resolution Agreement with Morgan Stanley on December 23, 2014, which sets forth the terms and conditions for finalizing and resolving an unclaimed property audit that Verus...more

First Circuit’s RAA-Friendly Ruling Stands

The class plaintiffs’ challenge to a group life insurer’s use of so-called retained asset accounts (RAAs) in Merrimon v. Unum Life Insurance Company of America has come to an unsuccessful end. On January 26, the United...more

Court Denies Summary Judgment Motions Despite An Express Agreement To Arbitrate

A New York federal district judge denied Plaintiffs McKenna Long & Aldridge, LLP (“McKenna”) and Vincent W. Sedmak (“Sedmak”) motions for summary judgment which sought to stop an arbitration action from Ironshore Specialty...more

The Big Deal About Big Data: What Life Insurers Must Know

Big data and predictive analytics, which forecast future outcomes based on past occurrences, allow companies to examine large stores of data and uncover patterns that can be used to gain a competitive advantage. Long-used in...more

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