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Finance & Banking Insurance

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

UK: FCA General Insurance and Protection Sector Views 2017

by Hogan Lovells on

The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week.  ...more

Is your Motor Vehicle Loan Safe? Part 2: North Carolina

by Nexsen Pruet, PLLC on

This article is a follow up to Bruce Wallace’s April 13, 2017 update, "Is your Motor Vehicle Loan Safe?" regarding how insurance policies may not protect the credit union’s lien. Specifically, Mr. Wallace’s update dealt with...more

Real Property & Title Insurance Update: Week Ending April 14 & 21, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Attorneys’ Fees: mortgage foreclosure plaintiffs seeking attorney’s fees must support their claim with competent, substantial evidence of the number of hours worked and evidence that...more

New York Department of Financial Services Provides Guidance on Cybersecurity Regulation; Colorado Financial Regulator Proposes...

In April 2017, the New York Department of Financial Services (the “DFS”) released guidance on interpreting 23 NYCRR Part 500, its recently promulgated regulation that requires banks, insurance companies and other financial...more

Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework

by Hogan Lovells on

The FCA's latest Business Plan demonstrates a commitment to pushing forward on both existing and new initiatives across sectors, focused on maintaining fair consumer outcomes in the rapidly changing UK financial services...more

UK: FCA 2017/2018 Business Plan - Sector priorities for general insurance

by Hogan Lovells on

In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond....more

Washington: Third-Party Administrators and Adjusters Can Be Liable in Bad Faith Actions

by Cozen O'Connor on

On April 11, 2017, the Division III Washington Court of Appeals, on a 2 to 1 vote, held that third party administrators and adjusters can be liable in bad faith actions under multiple legal theories. Merriman v. Am. Guar. &...more

Do you get Bragging Rights if the Malware Infecting your Computer was Named after Zeus?

by Bryan Cave on

Over the last decade as the specter of cyber attacks has increased dramatically, financial institutions have been encouraged to look into the use of cyber fraud insurance as one means of minimizing risk. A recent decision by...more

Court Applies “Fiduciary Exception” to Mutual Fund Trustees’ Attorney-Client Privilege

by Carlton Fields on

In Kenny v. Pacific Inv. Mgm’t Co. LLC (W.D. Wash.), a federal judge recently ruled that a mutual fund’s independent trustees must produce certain documents that the trustees had redacted or withheld based on attorney-client...more

SEC Staff Allows Brokers to Set Commissions for Mutual Fund “Clean Shares”

by Carlton Fields on

On January 11, the SEC staff issued an interpretive letter to the Capital Group (CG Letter) stating that Section 22(d) of the Investment Company Act does not prevent brokers from charging commissions for effecting...more

SEC Facilitates Product Charge Variations

by Carlton Fields on

SEC staff in December issued a Guidance Update that provides significant flexibility regarding how mutual funds and variable annuities (VAs) reflect multiple charge structures in their SEC registration statements....more

Is your Motor Vehicle Loan Safe?

by Nexsen Pruet, PLLC on

Insurance policies may not protect the credit union's lien - Today’s insurance world is a complicated scene. Insureds have more choice than ever for insurance coverage. If a federal credit union has a lien on a motor...more

Will New Administration Speed VA Summary Prospectus?

by Carlton Fields on

President Trump’s nominee for SEC Chairman, Jay Clayton, could speed authorization of the variable annuity (VA) summary prospectus and related layered disclosure and shortened underlying fund report to shareholders. Doing so...more

FINRA Fines Firms for WORM Problems

by Carlton Fields on

Broker-dealers, including principal underwriters of insurance products, may retain required records in electronic format, subject to satisfaction of longstanding conditions. One such condition is that the records must be...more

Federal Court: Computer Fraud Provision Does Not Cover Fraudulent Debit Card Transactions Conducted Over the Telephone

by McGuireWoods LLP on

Last month, the Northern District of Georgia issued a strongly pro-insurer decision holding that a policy insuring computer fraud did not provide coverage for $11.4 million in fraudulent debit card redemptions made over the...more

Ninth Circuit Holds D&O Policy Bars Coverage of FDIC’s Claims

In a decision, the US Court of Appeals for the Ninth Circuit, in finding for a directors & officers (D&O) insurer, denied coverage of the Federal Deposit Insurance Corporation’s (FDIC) claims against a failed bank’s former...more

Signs of an Active 2017 for Laws Protecting Vulnerable Adults from Financial Exploitation

by Carlton Fields on

The North American Securities Administrators Association (NASAA)’s Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation (Model Act) gained traction in 2016 and appears poised for even more...more

UK: OFSI guidance published regarding monetary penalties for breaches of financial sanctions

by Hogan Lovells on

The Policing and Crime Act 2017 (the “2017 Act“) came into effect on 1 April 2017, and introduced a number of changes, including new powers for the Office of Financial Sanctions Implementation (“OFSI“) to impose increased...more

SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more

Real Property & Title Insurance Update: Week Ending March 31 & April 7, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Deficiency Judgment: where a foreclosing bank acquires in rem jurisdiction via service by publication in underlying foreclosure action, bank may still seek personal service over an...more

New York’s Cyber Regulation: A National Blueprint?

New York’s top banking regulator would like the state’s new sweeping – and highly detailed – cybersecurity regulation to serve as a national model for insurance companies in safeguarding their institutions from cybercrime....more

New York Sets Its Sights on Cybersecurity Weaknesses at Financial Institutions

The New York State Department of Financial Services’ (NYDFS) cybersecurity regulations went into effect March 1, 2017, and the first of the staggered implementation deadlines is quickly approaching on August 28, 2017. Touted...more

NAIC Model Cyber Law: Yet Another Regulatory Measure

The National Association of Insurance Commissioner’s (NAIC) model cybersecurity law will take center stage later this week at the group’s annual meeting in Denver. In its third draft, the Insurance Data Security Model...more

DFS Chief to Address State Insurance Commissioners on NYS Cyber Regulation

New York State Department of Financial Services Superintendent Maria T. Vullo is scheduled to discuss the state’s new “first in the nation” cybersecurity regulation later this week at the National Association of Insurance...more

Twin Peaks - Is it all uphill from here?

by Hogan Lovells on

The Financial Sector Regulation Bill - The Financial Sector Regulation Bill (the Bill), currently before parliament, is the first phase in implementing the Twin Peaks Retail Distribution Review (RDR) model, which...more

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Cybersecurity

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