Insurance Brokers

News & Analysis as of

New Case Highlights Deep Hole in Cyber Insurance Policies

Insurance policies covering data breach liability began appearing roughly ten years ago. We noted then a troublesome provision in some forms that seemed to exclude coverage for the insured’s failure to maintain data security...more

Global Trends in Insurance M&A in 2014 and Beyond

Looking back on 2014: The return of the billion dollar transactions - In recent years, insurance companies have largely focused on improving their performance by cutting costs amidst a slow post-global financial crisis...more

Is That Covered - Misrepresentations In Sale of Life Insurance

A Pennsylvania appellate court on Tuesday affirmed a $300,000 judgment against Riversource Life Insurance Co. in a suit accusing the insurer and its agent of making fraudulent misrepresentations in the sale of a couple's...more

Unclaimed Property Audit Primer for Broker-Dealers

Background - The same State Treasurers and contingency-fee unclaimed property auditors that focused on the life insurance industry are now turning their attention to broker-dealers. Sutherland has been actively...more

Illinois Supreme Court Holds Captive Insurance Agents Owe Limited Tort Duty to Clients

Section 2-2201 of the Code of Civil Procedure provides that “[a]n insurance producer . . . shall exercise ordinary care and skill in renewing, procuring, binding, or placing the coverage requested by the insured or proposed...more

Do You Know the Difference Between an Insurance Agent, Broker and Broker/Agent?—Should you Care?

Woodland Hills personal injury lawyer Barry P. Goldberg is a student of all things insurance. When it comes to this topic the average person turns off immediately and just somehow trusts that the person they buy the...more

Mississippi Supreme Court Limits Broker Liability Where Insured’s Conduct Is Uninsurable

When an insurance claim is denied, policyholders sometimes look to their broker as a potential source of recovery. Generally speaking, a broker owes its client the duty to procure the scope of coverage requested. When a...more

Insurance Review (Australia) - February 2015

In This Issue: - REGULATORY: - The Financial System Inquiry - Insurance Reform In The UK - CYBER: - Top Five Privacy And Cyber Predictions, Trends And Issues Impacting Insurers In 2015 And...more

Tough Sell for Bechtel: American General Files Suit in Florida

On January 29, 2015, American General Life Insurance Company filed a complaint against Kevin H. Bechtel and Life Brokerage Partners, LLC, in the United States District Court for the Middle District of Florida, Tampa Division....more

Congress Speeds Non-Resident Licensing for Insurance Producers

In yet one more assertion of federal power to regulate insurance – which states have long controlled – President Obama signed legislation on Jan. 12 that will dramatically speed the licensing of insurance agents and brokers...more

Who Does an Insurance Broker Serve? Somebody!

The year was 1979 when Bob Dylan’s song “Gotta Serve Somebody” was released on his album Slow Train Coming: “It may be the devil or it may be the Lord, but you’re gonna have to serve somebody.”...more

New FATCA requirements apply to U.S. and non-U.S. insurers and insurance brokers on January 1, 2015

New FATCA requirements that apply to U.S. and non-U.S. insurance brokers and insurance companies will take effect on January 1, 2015. Those requirements impose new information gathering and reporting rules when U.S. insurance...more

Appeal Dismissed In Instituto Nacional De Seguros V. Hemispheric Reinsurance Group, L.L.C. Et Al.

We have posted on this case filed against two reinsurance brokers several times. Since our last posting regarding this case, which reported on the results of the trial, an appeal was filed in Florida’s Third District Court...more

Insurance Recovery Law -- December 2014

Texas Appeals Court Upholds $8.7M Verdict for Policyholder Against Broker - Why it matters: An appeals court in Texas upheld an $8.7 million jury verdict against a broker that procured coverage with significant...more

U.K. Tribunal Finds Broker Alliance Does Not Fall Within Vat Exemption For Insurance-Related Services By Brokers And Agents

An upper tribunal in the United Kingdom has dismissed an appeal brought by Westinsure, an alliance of brokers formed to provide introductions and improve the business terms of its members, where Westinsure argued its services...more

A Short Reflection of The Infidel(*) Policyholder Counsel’s Invasion of the Insurance Industry’s Island Confab

I recently had the extraordinary opportunity to join other seasoned insurance professionals in a panel presentation focused on claims arising under jeweler’s block insurance. We gave this presentation as part of the annual...more

Safeguard Your Litigation Privileges When Working With Insurance Brokers On Complex Insurance Claims

Businesses facing catastrophic losses, whether as a result of an accident or a natural disaster, or due to mass tort claims, frequently will engage both their insurance broker and legal counsel to identify and pursue...more

Jamon y Queso (Ham and Cheese) – Offshore Annuity Planning Options for Non-Resident Aliens

I have been active in private placement life insurance since 1999. Over that course of time, while the offshore private placement life insurance industry was getting its start in the late 1990s, Sun Life of Canada introduced...more

No “Harmony,” No Arbitration

When AmeriPlan terminated contracts with numerous “independent business owners” (“IBOs”), four IBOs—who had achieved the rank of Sales Director and earned “lifetime residual income” through commissions from their own...more

Is It Still Privileged? An Insurer’s Disclosure Of Information To Its Reinsurers And Brokers Waives Privilege … Sometimes.

A federal district court recently held that an insurer waived any claim of attorney-client or work product privilege when it disclosed otherwise potentially privileged information to its reinsurers and to its broker. In doing...more

Insurance broker not responsible for setting sum insureds

The UK Queen’s Bench division has recently confirmed that an insurance broker is not responsible for setting sums insured under business interruption insurance. - In Eurokey Recycling Ltd v Giles Insurance Brokers...more

Insurance – Broker v. Agent Status as Affecting Liability Against Insurer

Douglas v. Fidelity National Insurance - California Court Of Appeal, First Appellate District (August 29, 2014) - Persons who solicit, sell or negotiate insurance contracts are known generically as “producers,”...more

Florida Legislature Relaxes Agency Licensing Requirements for Broker-Dealer Branch Offices Selling Insurance Products but Creates...

Under current Florida insurance laws, branch offices of broker-dealers selling insurance products in Florida are required to either “license” or “register” as agency branches (in addition to satisfying insurance producer...more

Appellate Court Notes - Week of February 10

AC35257 - Lagueux v. Leonardi: This decision has general applicability to the right of the State to ensure an applicant for a license is of good moral standing. The majority concluded that the Connecticut Insurance...more

Protecting Viable Private Equity Investment In The Insurance Sector

In This Issue: - M&A Activity in the Insurance Industry - Developments in the M&A Regulatory Environment - NAIC Private Equity Issues (E) Working Group - The Working Group’s Proposals Subject to Comment ...more

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