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OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....more

Maximizing Insurance Recovery For Businesses Impacted By Recent Natural Disasters

There has been a spate of natural disasters throughout the world recently—from major earthquakes in Japan and Ecuador to torrential rainfall and flooding in Texas. These events have had devastating consequences, including the...more

Think You Have Insurance Against Claims for Disclosure of Confidential Information? You May Want to Check Again

Are you relying on your insurance policy to cover unauthorized or unintended electronic disclosure of confidential information? If so, you may want to take a closer look at your policy with an eye towards objections to...more

Blog: Solvency II: EIOPA Consults On Treatment Of Infrastructure Corporates

The European Insurance and Occupational Pensions Authority (EIOPA) has published a consultation paper on the European Commission’s “… request to EIOPA for further technical advice on the identification and calibration of...more

Cybersecurity Claim Under CGL Policy Prevails Against Strong Insurance Industry Pushback, As Fourth Circuit Upholds Policyholder’s...

On April 11, 2016, the United States Court of Appeals for the Fourth Circuit made headlines by holding that a commercial general liability (“CGL”) policy covers the defense of a data breach-related class action lawsuit. In...more

Blog: #IDD / #IMD2: EIOPA Publishes Preparatory Guidelines On Product Oversight & Governance

The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Final Report … on Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance...more

SEC Staff Issues No-Action Letter on Index Fund Investments in Insurance Companies and Securities Related Businesses

SEC staff expands upon prior no-action positions to permit funds that track a third-party index to invest in insurance companies and securities related businesses beyond the limitations set forth in Sections 12(d)(2) and...more

Changes in tax treatments of directors' and officers' liability insurance premiums

On 24 February 2016, the National Tax Agency (NTA) announced a new tax treatment of premiums of directors' and officers' liability insurance (D&O Insurance). Under the new tax treatment, a company will not need to treat the...more

Japan changes tax treatment of D&O liability insurance premiums

Japan’s National Tax Agency (NTA) has announced a new tax treatment of premiums for directors' and officers' liability insurance. ...more

Poland: new tax on banks and other financial institutions

Poland’s Banking Tax Act, introducing a tax on banks and insurance companies in Poland, is in force. The Banking Tax Act applies to selected financial institutions - domestic banks, consumer lending institutions and...more

Individual Accountability and the SEC [Video]

From the 2016 PLUS D&O Symposium session “The DOJ, SEC and the New Era of Individual Accountability,” Helen Cantwell (Debevoise & Plimpton) and Stephanie Avakian, Esq. (U.S. Securities & Exchange Commission) discuss...more

IREG Update - Changing exposures and concerns for directors and officers of private and nonprofit companies

Changing exposures and concerns for directors and officers of private and nonprofit companies - Last month, insurance professionals gathered in New York to attend the Professional Liability Underwriting Society’s D&O...more

Do You Have to Disclose a Government Investigation? Practical Considerations, Legal Standards, and Recent Case Law

After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be...more

Life Insurance's Role in Family Business Planning

Family business planning is best served by having a knowledgeable advisory team, and a good team includes an expert on insurance. We found an article discussing the role of life insurance in family business planning in a...more

Securities Regulation and Class Action Trends in Canada [Video]

From the 2016 PLUS D&O Symposium session “Shareholder Activism and Litigation in Canada,” David Conklin (Goodmans LLP), Orestes Pasparakis (Norton Rose Fulbright Canada), Paul Emerson (Berkshire Hathaway Specialty Insurance)...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

D&O Insurance – Do I Need It?

If you do a Google search for D&O insurance, you’ll find plenty of articles from prospective insurance providers and agents urging you to get D&O insurance for your privately held company. In some cases, the company has a...more

Allocation Clause Held Enforceable in a Duty To Defend D&O Policy

In Housing. Auth. of New Orleans v. Landmark Ins. Co., 2016 U.S. Dist. LEXIS 24419 (E.D. La. Feb. 29, 2016), the court provided a rare analysis of the interplay between a duty to defend in a D&O policy and the allocation...more

Prejudice Not Required in New Jersey To Deny Coverage for Late Notice Under a Claims Made Policy

On February 11, 2016, the Supreme Court of New Jersey in Templo Fuente de Vida Corp. v. National Union Fire Ins. Co. of Pittsburgh, declared that an insurance company was not required to show it suffered prejudice before...more

Do Fidelity Policies Issued to Individual Partners Provide Coverage for Theft of Partnership Earnings?

The Eighth Circuit is set to decide this question in 3M Company, et al. v. National Union Fire Insurance Company of Pittsburgh, Pa., et al., Appeal No. 15-3495. The answer will likely determine whether a blanket crime policy...more

Zenefits CEO bows out amidst compliance allegations - Parker Conrad leaves the company he co-founded after reports revealed...

The newswire has been buzzing lately with several articles highlighting the importance of compliance, culminating with the recent announcement that Parker Conrad, CEO of Zenefits, an online HR software startup, resigned on...more

Important Decision Impacting Waiver of Attorney-Client Privilege

In a recent opinion issued in the matter of Certain Underwriters at Lloyd's London v. Nat'l R.R. Passenger Corp., No. 14-CV-04717 FB CLP (E.D.N.Y. Feb. 19, 2016), the Eastern District of New York held that communications from...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

UK Financial Regulatory Developments - February 2016 #13

Treasury renews TAFA designation - Treasury has renewed two designations under the Terrorist Asset Financing etc Act (TAFA). (Source: Treasury renews TAFA designation)... DBIS updates PSC guidance - DBIS has...more

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