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South Carolina Federal Court Makes Two Rulings On Motions To Dismiss In Dispute Involving Reinsurance Trust Agreements

by Carlton Fields on

This case was previously reported by us on our blog on January 5, 2016, June 28, 2016 and July 20, 2016. For the full procedural background, we refer to the recent November 3, 2016 and November 16, 2016 decisions. In sum,...more

The Uniform Trust Decanting Act's conflicting commentary

by Charles E. Rounds, Jr. on

The texts of the myriad trust-related uniform statutes could be better coordinated and synchronized. So also could the official commentaries that accompany the myriad sections of the individual uniform statute. Take, for...more

Double Down! - Inter-Generational Split Dollar Throws Sand in the Face of the IRS Again

by Gerald Nowotny on

Recently I wrote an article on JD Supra called Split to Be Tied (May 4, 2016) regarding the Tax Court decision in Estate of Morrissette, (Estate of Clara M. Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016)). Once...more

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

by Reed Smith on

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

Florida Court Says it’s Not Fraud When Misrepresentations are Made During Settlement Negotiations

When settling a case, litigators are naturally focused on avoiding “Round 2” of the litigation for their clients. Toward this goal, lawyers avoid drafting settlement agreements that include any sort of representations or...more

Alert: The Importance of Beneficiary Designations

by Pullman & Comley, LLC on

Who really benefits? You may be surprised! If you participate in a 401(k) or other retirement plan, have one or more IRA accounts, or life insurance policies, you need to designate beneficiaries to receive the benefits...more

Focus on Tax Controversy - December 2015

by McDermott Will & Emery on

IRS Updates Administrative Appeals Process for Cases Docketed in Tax Court - In Notice 2015-72, the Internal Revenue Service (IRS) provided a proposed revenue procedure to update Rev. Proc. 87-24, 1987-1 C.B. 720, which...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19359 - Persels & Associates, LLC v. Banking Commissioner - Noting that it has generally been the policy of the Courts to defer to the Legislature, especially as to the...more

Court Warns That Marriage Does Not Render A Spouse Automatically Entitled To Preexisting Life Insurance Policies

by Cole Schotz on

In a recent unpublished decision, the New Jersey Appellate Division has again stressed the importance of complying with the beneficiary designation requirements contained in life insurance policies. See Fox v. Lincoln...more

Participant’s Estate Fails to Show a Claim For Failure to Give Notice of Right to Continue Life Insurance Coverage: Estate of...

by Williams Mullen on

Providing a practical lesson on determining a duty to give notice to ERISA participants, the U. S. District Court for the Middle District of Florida dismissed the claim by the estate of an ERISA group life insurance plan...more

Insurance for Professional Fiduciaries

by K&L Gates LLP on

In an important decision for professionals operating in the trust and asset management sector - and their employers - the English Court of Appeal has recently provided guidance in the case of Rathbone Bros Plc and Paul...more

Financial affairs structure dodges a “related entities” exclusion

by DLA Piper on

The Queensland Supreme Court recently delivered a judgement demonstrating how an exclusion intended to exclude claims from which the Insured may benefit directly or indirectly did not do its work due to the way in which the...more

11th Circuit Certifies Questions Regarding Insured’s Breach of Consent to Settle Clause

In its recent decision in Piedmont Office Realty Trust v. XL Specialty Ins. Co., 2014 U.S. App. LEXIS 20141 (11th Cir. Oct. 21, 2014), the United States Court of Appeals for the Eleventh Circuit, applying Georgia law, elected...more

Developments in Life Insurance in Florida

by Carlton Fields on

Life insurers will find the following Florida decisions regarding the state’s unclaimed property law and false claims act important: - Total Asset Recovery Services, LLC v. Metlife, Inc. and Prudential Financial Inc.,...more

Third Circuit Reaffirms the Difficulty of Binding a Non-Signatory to Arbitration

by Pepper Hamilton LLP on

Federal law’s much-talked-about presumption in favor of enforcing arbitration clauses has its limits. On August 11, 2014, the United States Court of Appeals for the Third Circuit identified one of those limitations: the...more

Florida Court Rejects "Date of Death" Trigger for Escheating Life Insurance Death Benefits Under Florida's Unclaimed Property Act

by Carlton Fields on

On August 5, Florida's First District Court of Appeal reversed a ruling issued by Florida's Department of Financial Services ("DFS") that would have triggered an insurer's duty to escheat life insurance benefits under...more

Unclaimed Property: Court Holds Life Insurer’s Escheatment Duties Not Triggered By Insured’s Death

by Cozen O'Connor on

In an opinion filed August 5, 2014, the Florida First District Court of Appeal held that under Florida’s unclaimed property law, life insurance proceeds are not “due and payable,” and the dormancy period does not begin to...more

Florida Court of Appeal Holds Insured’s Death Alone Does Not Trigger Unclaimed Property Law Obligations

In an opinion filed August 5, Florida’s First District Court of Appeal held that Florida’s unclaimed property law does not make life insurance proceeds due and payable at the time of the insured’s death and does not impose an...more

Fourth Circuit Rejects Widow’s Claim for Equitable Relief

The Fourth Circuit recently rejected fiduciary breach and equitable estoppel claims for life insurance coverage by Leslie Moon, the widow of a deceased employee, who claimed that the employer’s actions resulted in Mr. Moon’s...more

How to Fight a STOLI Scheme: Court Rulings Offer Clues

by Carlton Fields on

Two recent court decisions provide potential road maps for insurers in the fight against Stranger-Originated Life Insurance (STOLI) schemes. Ohio Nat’l Life Assurance Corp. v. Davis involved a STOLI scheme so obvious that...more

Life Insurance Unclaimed Property Litigation in 2014: Will Regulator Positions Withstand Judicial Scrutiny

Amidst ongoing multistate unclaimed property audits of many life insurers, and despite many regulatory settlements, the insurance industry and state regulators continue to disagree over the application of unclaimed property...more

Eighth Circuit Decisions Reminds Employers Of Importance Of Granting ERISA Plan Administrators Discretion To Interpret Plan Terms

Recently, the United States Court of Appeals for the Eighth Circuit released an opinion which highlights the importance of ensuring ERISA plan documents grant plan administrators the discretion to construe and interpret the...more

ERISA 8th Circuit: Deciding Who Is The Beneficiary — The Abuse Of Discretion Standard Trumps The Substantial Compliance Doctrine

Sometimes determining the correct beneficiary for ERISA-governed life insurance benefits can present real challenges. Can the deceased’s will prove the deceased’s intent designating the correct beneficiary? It...more

Eighth Circuit: ERISA Plan Beneficiary Designation Trumps Will

The Eighth Circuit held that the named beneficiary of an ERISA governed life insurance policy was entitled to the proceeds even though the decedent’s will named a different beneficiary. Hall v. Metro. Life Ins. Co., 2014 U.S....more

Tennessee Insurance Legal News - January 2014 • Volume 3, Number 1

by Dickinson Wright on

In This Issue: - ARBITRATION PROVISION WITHIN TENNESSEE’S UNINSURED MOTORIST STATUTE HELD NOT APPLICABLE TO INSURANCE POLICIES ISSUED AND DELIVERED OUTSIDE TENNESSEE: The Tennessee Court of Appeals addressed the...more

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