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Insurance Finance & Banking

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

New NYS Regulations Seek To Reign In Title Insurance Marketing Practices

by Morrison & Foerster LLP on

The New York State Department of Financial Services (DFS) has announced new regulations aimed at reforming various title insurance industry practices, including practices involving title company and agency marketing...more

Summary Judgment Win for Insurer in “Stable Value” Interest Rate Setting Case

by Carlton Fields on

In July, MetLife obtained a win in the Northern District of Illinois when the court granted summary judgment in its favor on a claim that it had breached the duty of good faith and fair dealing in setting interest rates for a...more

Sticking Firmly to Contract Terms, Court Dismisses Premium and COI Overcharge Claims

by Carlton Fields on

In July, in Hancock v. Americo Financial Life & Annuity Co., Americo achieved a total victory on its motion to dismiss a putative class action in the Eastern District of North Carolina that challenged its premium and COI...more

A Ticking Clock: New York’s Pending Non-Guaranteed Elements Rule for Life Insurance and Annuity Products

by Carlton Fields on

The clock is ticking on the New York Department of Financial Services’ issuance of new Regulation 210 "Life Insurance and Annuity Non-Guaranteed Elements" (the Rule). ...more

New Partnership Audit Rules – Plan Ahead Before the Tax Bill Arrives

by Carlton Fields on

A new set of rules for partnership audits (New Audit Rules), which generally take effect January 2018, fundamentally alter the manner in which the Internal Revenue Service (IRS) will conduct audits of partnerships,...more

Communications With Auditors and Audit Committees May Change

by Carlton Fields on

The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

by Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Eleventh Circuit Affirms Summary Judgment or Insurer in STOLI Case

by Carlton Fields on

In Sun Life Assur. Co. of Canada v. U.S. Bank Nat. Ass’n, the Eleventh Circuit recently clarified that where a life insurance policy lacks an insurable interest at its inception and is thus void ab initio, prejudgment...more

Plaintiffs Survive Standing-Based Challenge to California Senior Notice and Financial Elder Abuse Claims

by Carlton Fields on

In California, actions predicated on alleged senior notice requirement violations and financial elder abuse continue to challenge life insurers. For example, in June, a California federal district court denied the insurer’s...more

Pennsylvania Court Holds Fiduciary Duty Exists Only Where Consumer Cedes Decision-Making Control to the Fiduciary

by Carlton Fields on

The Pennsylvania Supreme Court recently held in Yenchi v. Ameriprise Financial, Inc. that a financial adviser owed no fiduciary duty to a couple who purchased a life insurance policy based on the adviser’s advice where they...more

Certified Financial Planner Board Proposes Fiduciary Obligations for All CFP Financial Advice

by Carlton Fields on

In June, the Certified Financial Planner (CFP) Board released proposed revisions to its standards of professional conduct that would require CFPs to adhere to a fiduciary standard at all times when providing any "financial...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

The Fiduciary Rule Status Update

by Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part II

In the first part of the series “The Mortgage Servicer’s Role in Navigating Insurance Claims,” we covered assessing the damage in the wake of a natural disaster and applying the proceeds when complying with the terms of...more

Nevada Securities Act Amendments – What’s Next?

by Carlton Fields on

Over the summer, much was written about amendments to the Nevada Securities Act provisions governing financial planners, which became effective July 1, after being signed by the Governor on June 2....more

SEC Stays Approval of Quadruple-Leveraged ETF

by Carlton Fields on

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

SEC Scrutinizes Multi-Manager Arrangements

by Carlton Fields on

Many mutual funds implement their investment strategies through "multi-manager" (also called "manager of manager") arrangements, particularly funds used to support variable life insurance and annuity products. Among other...more

SEC Investor Advocate’s 2018 Objectives Target Key Issues for Life Insurers

by Carlton Fields on

On June 29, the SEC’s Office of the Investor Advocate released a report that prioritizes addressing the inconsistency in the standard of care applicable to broker-dealers (a suitability standard) versus investment advisers (a...more

SEC Cautions on Use of Distributed Ledger/Blockchain Technology to Raise Capital

by Carlton Fields on

In July, the SEC issued a report addressing the applicability of U.S. federal securities laws to the offer and sale of securities by "virtual corporations or capital raising entities that use distributed ledger or blockchain...more

WATCH: How blockchain will affect the insurance industry

by Hogan Lovells on

Imogen Bunyard from Qadre discusses whether the insurance sector will find it easy to implement blockchain and what the industry will look like in five years' time....more

Regulation Round Up - September 2017

by Proskauer Rose LLP on

1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more

Illinois District Court Dismisses Case Filed By Insurance Department, As Rehabilitator, Against Reinsurer

by Carlton Fields on

The District Court for the Northern District of Illinois dismissed a complaint filed by Plaintiff-Rehabilitator, the Illinois Director of Insurance, against Defendant-Reinsurer, Twin Rivers, alleging breach of contract,...more

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of...more

Australia's Banking Executive Accountability Regime: A Dangerous Bill

by Jones Day on

The Situation: On 22 September 2017, the Australian Government released a draft bill for the introduction of a Banking Executive Accountability Regime ("Proposed BEAR") allowing only five working days for submissions....more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

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