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Read Insurance Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

California Supreme Court Upholds Public Retirement Boards' Fiduciary Role When Adjudicating Disability Retirement Applications

by Nossaman LLP on

In a victory for the San Bernardino County Employees’ Retirement Association (“SBCERA”) and the nineteen other county retirement systems administered under the County Employees Retirement Law of 1937 (Gov. Code, § 31450 et...more

SEC Watchdog to Watch Watchdog

by Carlton Fields on

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

New York Issues Two Advisory Opinions Regarding Surplus Lines Insurance

The New York State Department of Taxation and Finance (Department) issued two advisory opinions determining that unauthorized non-life insurance corporations (here, surplus lines insurance companies) are subject to insurance...more

New York State Division of Tax Appeals Addresses Unauthorized Insurance Company Taxation

A New York State Division of Tax Appeals administrative law judge (ALJ) issued three determinations addressing the tax implications for unauthorized insurance companies, both life and non-life. Significant uncertainty has...more

PHH Fine on Hold, Says D.C. Circuit

by BakerHostetler on

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

CFPB Enforces RESPA in its First Appellate Decision of the Director

by BakerHostetler on

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

New York Governor Andrew Cuomo names Anthony Albanese Acting Superintendent of Financial Services

by Dentons on

Bloomberg reported last week that Anthony Albanese, Chief of Staff to Departing Superintendent Ben Lawsky, has been named to head the New York Department of Financial Services on an acting basis. He will lead the Department...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

by McGuireWoods LLP on

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

Financial Services Weekly News Roundup - April 2015 #5

by Goodwin on

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Spring Cleaning: Out With the Old, In With the New Pennsylvania Withdraws Endorsement 1010 and Introduces Endorsement 1530

Effective April 1, 2015, the Pennsylvania Department of Insurance (DOI) approved the Title Insurance Rating Bureau of Pennsylvania’s (TIRBOP) filing of Pennsylvania Endorsement 1530, along with the withdrawal of Pennsylvania...more

Florida Appeals Court Quashes Order Requiring Insurance Commissioner to Testify

by Wilson Elser on

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

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

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

NCOIL Revises Unclaimed Property Model Act

by Carlton Fields on

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

FSOC’s Designation of Nonbank SIFIs: More New Developments

by Carlton Fields on

The end-of-year holidays failed to slow the pace of developments surrounding the Financial Stability Oversight Council’s (FSOC) process for designating nonbank Systemically Important Financial Institutions (SIFIs) for Federal...more

At the State Level, Is a Fixed-Index Annuity?

by Carlton Fields on

The so-called Harkin Amendment to the Dodd-Frank Act was intended to keep fixed-index annuities outside the SEC’s jurisdiction. But the issue remains unsettled on the state level. For example, an Illinois state court recently...more

Ninth Circuit Rules That Harmless Procedural Violation Does Not Alter Standard of Review

The Ninth Circuit held that a plan administrator’s failure to render a decision on a long-term disability benefits claim within the period mandated by the plan and ERISA did not alter the standard of review that the court...more

Evolving Audit Committee Standards for Texas Insurers

by Locke Lord LLP on

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the...more

New P&C Insurance Demutualization Regulations: Unknown Unknowns

On February 28, 2015, the Department of Finance released draft regulations under the Insurance Companies Act (Act) providing for a framework for the demutualization process applicable to mutual property and casualty insurance...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

by Morrison & Foerster LLP on

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

Insurance Sector - 2014 Year End Review and Forecast for 2015

by DLA Piper on

Fundamental changes and powerful forces are reshaping the insurance industry. These developments are reestablishing the natural order of the financial services sector and redefining the insurance industry’s role in the global...more

Former Senior Executives Of Insurance Retailer Fined And Prohibited As A Result Of The Development Of A Sales Strategy That...

by Allen & Overy LLP on

In this case report we consider enforcement action taken by the FCA in relation to three former senior executives of a large retail insurance firm (the former Chief Executive, Finance Director and Marketing Director). This...more

New Requirements Regarding Flood Insurance in Massachusetts

by Partridge Snow & Hahn LLP on

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

by Nelson Brown & Co. on

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

Court Rules Disparate Impact Claims Cannot Be Made Under Fair Housing Act

by Holland & Knight LLP on

Earlier this week, a federal district court judge struck down a regulation issued by the U.S. Department of Housing and Urban Development (HUD), which would have allowed for claims of housing discrimination to be based on...more

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