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Finance & Banking Insurance

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New HOA Estoppel Requirements Signed into Law

Title insurance companies and closing agents handling transactions involving homeowners’ and condominium associations have long been frustrated by the timing and cost associated with obtaining estoppel letters from these...more

The New 2016 ALTA Commitment with Florida Modifications: Expressing the Limitations on Liability

by Carlton Fields on

A significant change to one of the standard title insurance forms recently took effect. The new 2016 ALTA Commitment with Florida Modifications both streamlines the existing features of the title insurance commitment and, for...more

New ALTA Closing Protection Letter With Florida Modifications Corrects Unfortunate Case Law

by Carlton Fields on

The new American Land Title Association (ALTA) Closing Protection Letter (CPL) form recently took effect in Florida. The new form both streamlines the previous CPL’s language and addresses and corrects many of the problems...more

NYS Cyber Regulation Countdown: Continuous Monitoring

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

DFS Cyber Compliance Nightmare? New survey reports less than half of financial firms will meet deadline

A new survey by the Ponemon Institute reports that less than half of the financial institutions covered by New York’s sweeping new cybersecurity regulation say they will “likely” meet next February’s compliance deadline. And...more

Spain Reorganises its National Regulatory Authorities to Comply with EU Guidelines

by Latham & Watkins LLP on

The Spanish government recently passed a draft bill for the “ rationalization and organization of the supervising regulatory bodies of the markets and the improvement of its governance” (the Draft Bill). The bill aims to...more

Courts Should Read Elder Abuse Act Broadly to Stop Wrongdoers

by Downey Brand LLP on

California’s Elder Abuse and Dependent Adult Civil Protection Act is elastic enough to encompass claims arising from sharp insurance sales practices, even when elders do not pay anything directly to the agents. So concluded...more

Latest developments of Italian case law for index-linked and unit-linked policies

by Hogan Lovells on

The classification of index and unit linked policies as insurance or financial products continues to be debated in Italy, notwithstanding the Supreme Court’s decision no. 6061 of 18 April 2012....more

European Commission Adopts Delegated Regulation Amending Solvency II Delegated Regulation On Infrastructure Corporates

On June 8, 2017, the European Commission adopted a Delegated Regulation amending the Solvency II Delegated Regulation ((EU) 2015/35) concerning the calculation of regulatory capital requirements for certain categories of...more

The Camino Real for RIAs – Pathway to Gold

by Gerald Nowotny on

The RIA Retirement Plan - Subtle Strategies Designed to Retain AUM - Overview - Growing up in the Panama Canal Zone was a special experience. The recent passing of Manuel “Cara De Pina” Noriega reminded of my time...more

Fifth Circuit Reverses Mississippi District Court’s Interpretation of “Ambiguous” Language to Nullify Defense Within Limits...

by Carlton Fields on

Insurance policies that include the cost of defending a particular claim or action within the policy’s limit of liability, often referred to as “burning,” “eroding,” or “defense within” limits policies, are common in the...more

Corporate Insurance Newsletter – May 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for May has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue,...more

US: Governor Cuomo and NY Department of Financial Services Respond to Congressional Efforts to Repeal the Affordable Care Act with...

by Hogan Lovells on

On 5 June 2017, in response to the Congressional efforts to “repeal and replace” the Affordable Care Act (the ACA), the New York Department of Financial Services (NYDFS) issued a press release entitled “Governor Cuomo...more

NYS Cyber Regulation Countdown: “Risk Assessment” – Now or Later?

In our series of posts leading up to the August 28th deadline for the first phase of requirements under New York’s cybersecurity regulation, the Patterson Belknap team looks at issues that institutions face as they implement...more

Real Property & Title Insurance Update: Week Ending June 2, 2017

by Carlton Fields on

Real Property Update - Lease: where lessee transfers leasehold interest to third party, but retains easement in leased property, lessee transfers less than “entire interest” in property, and such sublease not tantamount to...more

New York’s Cybersecurity Requirements for DFS Licensees: A New Item at the Top of the To-Do List

by Locke Lord LLP on

With the compliance date only a few months away, licensees of the New York Department of Financial Services (DFS) must start taking action immediately to comply with the coming cybersecurity requirements, which will be more...more

Real Property & Title Insurance Update: Week Ending May 19 & 26, 2017

by Carlton Fields on

Real Property Update - Foreclosure/Standing/Lost Note: if plaintiff did not have right to enforce note when lost, plaintiff should present evidence of assignment from payee to plaintiff or affidavit of ownership - ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Its recent debt sale was enough to score Italy’s Monte dei Paschi a government bailout, one of the first since the 2008 crisis and a test case for the ECB’s new bank bailout rules....more

Debt Dialogue: May 2017 - Ambac v. Countrywide: New York’s First Department Raises the Bar for RMBS Fraud Claims by Monoline...

As litigation stemming from the U.S. subprime mortgage crisis continues, the legal framework governing the liability of participants in residential mortgage-backed securities (RMBS) securitizations continues to develop....more

21st Century Glass-Steagall Act Introduced in the Senate

On April 6, the 21st Century Glass-Steagall Act of 2017 (GSA) was introduced in the U.S. Senate by Elizabeth Warren, D-Mass., with John McCain, R-Ariz., Maria Cantwell, D-Wash. and Angus King, I-Maine co-sponsoring. The bill...more

Ninety Days and Counting: NY Cyber Regulation’s First Deadline

Faced with an approaching August 28th deadline, the more than 3,000 financial institutions that do business in New York should be knee-deep in implementing the first wave of requirements under the State’s sweeping and...more

European Commission Consults on Operations of European Supervisory Authorities

by Jones Day on

On 21 March 2017, the European Commission published a consultation paper on the operations of the European Supervisory Authorities ("ESAs")...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Litigation Funding and Its Implications for US and UK Insurers

by Sedgwick LLP on

Litigation funding is growing rapidly with the emergence of new funds and wealthy individuals willing to back cases in an ever-expanding number of jurisdictions, including in the US and the UK. It is enabling claims to be...more

Back to Basics – Costly Consequences of Ignoring Process in Benefits Administration

The stories of an employer and a long-term disability insurer and claims fiduciary for an ERISA plan, defendants in two recent cases, ring so true. In the first case, the insurer was designated as claims fiduciary for an...more

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Cybersecurity

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