Death Benefits

News & Analysis as of

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...more

Life Insurance and Estate Planning

Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more

Split to Be Tied!

Looking Beyond the Morrissette Decision and Around the Corner for Inter-Generational Split Dollar - Overview - I have had the opportunity throughout my career to know top life insurance agents as well as several top...more

Florida Imposes Additional Unclaimed Property Requirements on Life Insurers

On April 12, Florida Governor Scott signed Senate Bill 0966 into law. SB 0966 amends the insurance benefits provisions of Florida’s Uniform Unclaimed Property Act, Fl. Stat. Section 717.107. These amendments effectively...more

Alert: The Importance of Beneficiary Designations

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

Pensions Ombudsman Round-Up - September 2015

Welcome to DLA Piper’s Pensions Ombudsman Round-Up publication in which we report on recent determinations made by the Pensions Ombudsman (“PO”) and Deputy Pensions Ombudsman (“DPO”). In this edition we look at...more

Rhode Island Supreme Court Decides STOA Case

The Supreme Court of Rhode Island recently considered two questions of first impression: (i) whether an insurable interest requirement applies to an annuity with a death benefit, and (ii) whether an immediate incontestability...more

Variable Annuity with a No-lose Death Benefit Is Not Subject to the Statutory and Common Law Insurable Interest Requirement -...

Western Reserve Life Assurance Co. of Ohio v. ADM Associates, LLC, 116 A.3d 794 (R.I. 2015) - Case at a Glance - In a case of first impression, the Rhode Island Supreme Court held that a particular variable annuity...more

Pensions News - July 2015

Welcome to DLA Piper’s Pensions News publication in which we report on developments in pension legislation, guidance and case law, as well as keeping you up to speed on what to look out for in the coming months. This...more

Domestic Partnership Agreements: Survivor’s Rights on Death

This is the fifth installment of a seven-part series. Florida law provides for various death benefits if a married person predeceases his or her spouse and they have no premarital or postnuptial agreement. For unmarried...more

Employee Benefits Developments - July 2015

Second Circuit Holds That Posthumous QDROs Are Valid. Yale-New Haven Hospital brought an action in federal court to resolve competing claims by a former spouse of a deceased participant and the deceased participant’s...more

9th Circuit Holds No Coverage for DVT Under Employee Death Benefit Policy

In Williams v. National Union Fire Insurance Company of Pittsburgh, PA, 2015 U.S. App. LEXIS 11642 (9th Cir. July 7, 2015), the Ninth Circuit Court of Appeals, applying California law, had the opportunity to consider whether...more

Court Does Procedural/Substantive Two-Step in Lozano

On May 13, 2015, the Court of Appeal, Second Appellate District, opined in Cynthia Lozano v. WCAB (B258000) that a 2009 amendment to Labor Code section 3212.1 may be applied retroactively to an injurious exposure which...more

California Supreme Court Lowers The AOE/COE Hurdle In Workers’ Compensation

In South Coast Framing, Inc. v. WCAB, Jovelyn Clark, S215637, May 28, 2015, the California Supreme Court clarified a claimant’s burden of proof in obtaining workers’ compensation benefits. In brief, a claimant meets the...more

Life Partners, Et Al. V. Arnold Et Al.; Texas Supreme Court Confirms Fractionalized Life Settlement Interests Sold To Texas...

The ruling – On May 8, 2015, the Texas Supreme Court, in Life Partners, Inc., et al. v. Michael Arnold, et al., case number 14-1022, unanimously affirmed two Texas state appellate court decisions and concluded that...more

Benefits of an Irrevocable Life Insurance Trust as Security for Support

Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more

Pension News - March 2015

In This Issue: - Budget Reforms - DC Charges and Governance - Department for Work and Pensions - Legislation - Public Service Pension Schemes - Other News - On the Horizon - Excerpt from...more

Maine Workers' Compensation Alert: Supreme Court Rules on Application of § 327 Presumption

In Estate of Sullwold v. The Salvation Army, 2015 ME 4 (January 22, 2015), a high-level Salvation Army employee with a history of cardiovascular issues was found dead after a heart attack with his smart phone next to him and...more

Maine Workers' Compensation Alert: Workers' Compensation Appellate Division Holds that in a Claim to Death Benefits, Dependency...

In Foley v. Thermal Engineering International, Inc., Me. WCB App. Div. Decision No. 15-2 (January 13, 2015), the Workers' Compensation Board Appellate Division held that, in a claim to death benefits, dependency status is...more

Developments in Life Insurance in Florida

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

Arbitration Denied In Class Action Where Plaintiff’s Trust Was A Party To Arbitration Agreement, But Plaintiff Was Not

In a life settlement transaction, in which a life insurance policy is sold by its owner to another for more than its cash-surrender value but less than the net death benefit, the seller contended that the broker and purchaser...more

Can We Talk? Providing Hedge Fund Managers with the Deferral of Carried Interest until Eternity

Overview - The recent passing of Joan Rivers not only requires us to pay tribute to one of the great comedic minds of the last forty-fifty years, but serves as a testimony to professional passion, perseverance and hard...more

District Courts Reviewing ERISA Cases Under the Arbitrary and Capricious Review Standard Serve Only in an Appellate Role

In McCorkle v. Metro. Life Ins. Co., 13-30745, 2014 WL 2983360 (5th Cir. 2014), the Fifth Circuit reversed the district court’s holding that MetLife’s adverse determination regarding the plaintiff’s claim for benefits due to...more

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

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

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

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