Life Insurance

News & Analysis as of

Seller Beware: Eighth Circuit Finds Insurer Potentially Liable for Enrollment Mistakes of Employer

In Silva v. Metropolitan Life Insurance Company, 762 F.3d 711 (8th Cir. 2014), the Eighth Circuit joined a number of other circuits in recognizing equitable remedies of reformation and surcharge based on a breach of fiduciary...more

Life Insurance Unclaimed Property Recommendations of the Uniform Law Commission Working Group

The Uniform Law Commission (ULC) Life Insurance Working Group (Working Group) has released its recommendations to revise the life insurance provisions of the Uniform Unclaimed Property Act of 1995 (1995 Uniform Act or...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

Seventh Circuit Requires "Cash on the Barrelhead" From Interpleaders

Judge Easterbrook and his colleagues on the U.S. Court of Appeals for the Seventh Circuit aren’t about to exercise jurisdiction over a civil action of interpleader merely on credit or promises to pay. The plaintiff has to...more

Lawsuit Alleges Unlawful Insurance Scheme Involving Commission Pooling for the Purpose of Procuring IUL Policies That...

On February 13, 2015, Transamerica Life Insurance Company filed a lawsuit in the Central District of California concerning an allegedly unlawful insurance scheme in connection with the sale of indexed universal life insurance...more

No Fool on the Hill! - Recent Trends in the Private Placement Life Insurance Industry

Overview - Recent events within the private placement life insurance industry have created renewed interest within this specialized segment in the life insurance industry. The industry has seen some consolidation over...more

Report From Counsel: Insights And Developments In The Law - Winter 2014/2015

In this Newsletter: - Federal Advertising Guidelines for Businesses - Case by Case - Arbitration Clauses in Employment Contracts - Life Insurance Can Be Part of Your Estate Plan - Employment...more

Life Insurance Can Be Part Of Your Estate Plan

Even if you have a relatively modest estate, life insurance can be an important aspect of estate planning for the obvious reason that it can substantially increase the value of your estate. Where the death of a person is...more

FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S....more

"The Estate Planner" – January/February 2015

In this issue: - Life Insurance – A Powerful Estate Planning Tool for Nontaxable Estates - Four Ways to Transfer a Family Business - Changing Family Makeup Requires Estate Plan Review - Estate...more

Florida Insurance Law: 2014 Year in Review

This past year brought a number of important insurance decisions in Florida, some favorable to insurers and others that reaffirm the challenges for insurers litigating in Florida. For example, after a broad statutory...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

FINRA Releases 2015 Broker-Dealer Exam Priorities

On January 6, 2015, the Financial Industry Regulatory Authority ("FINRA") released its 2015 Regulatory and Examinations Priorities Letter highlighting a number of compliance areas that FINRA examiners will focus on in the...more

Life Insurers Gain Ground in Legislative Fix

The U.S. House of Representatives recently voted to pass legislation (H.R. 5461) intended to clarify capital standards for insurance companies under the supervision of the Federal Reserve Board. The bill, sponsored by...more

New York Law Governs STOLI Dispute In Texas

A Texas appellate court’s choice of law determination proved pivotal where a life insurer contested its duty to pay proceeds on the grounds that the policy was fraudulently acquired as part of a stranger-oriented life...more

Life Insurer Settles Nationwide "Junk Fax" Class Actions

Recently, there has been a noticeable increase in lawsuits, particularly putative class actions, brought against life insurance companies pursuant to the Telephone Consumer Protection Act of 1991 (TCPA). As amended by the...more

A Life Settlement Investment Shell Game?

American International Group, Inc., through its subsidiary Lavastone Capital, LLC, filed a lawsuit against Coventry First, LLC in New York federal court. Coventry reciprocated by filing a lawsuit against Lavastone in New York...more

New Year, New Disclosures

On December 29, the Florida Department of Financial Services (FDFS) published Proposed Rule 69B-215.090 (the "Proposed Surrender Disclosure Rule") setting forth the disclosures required when a surrender of any cash value life...more

ERISA Fiduciaries Have a Duty to Inform

SUMMARY: In this case, the court found that the employer, serving as plan administrator of a group life insurance plan providing basic and supplemental coverage, may be liable for monetary damages for breach of its fiduciary...more

APRA releases Insight report on the life insurance and general insurance markets

APRA has released its second Insight report into the life insurance and general insurance markets for 2014. In terms of the general insurance markets, APRA makes a number of interesting observations....more

Court Rejects Fiduciary Duty Breach by Claims Administrator Acting on Behalf of Plan Sponsor

In the recently decided matter of Van Loo, et al. v. Cajun Operating Company, et al., No. 2:2014cv10604 (E.D. Mich. 2014), the U.S. District Court for the Eastern District of Michigan rejected allegations of a fiduciary duty...more

Fixing Common Plan Mistakes – Failure to Obtain Spousal Consent

The Rule - When plans have a Qualified Joint and Survivor Annuity default form of benefit, or when a plan offers life annuity options, spousal consent must be obtained for any distribution or loan out of the plan,...more

Tenth Circuit Finds Plan Administrator Has No Duty to Inquire into Authenticity of Participant’s Beneficiary Designation

Plaintiff Kristopher Towles, the son of a deceased participant of a life insurance plan, challenged the plan’s decision to pay the life insurance proceeds to the deceased’s husband, contending that the beneficiary form...more

District Court Grants Motion To Stay Pending Arbitration Over Non-Signatory’s Opposition

In late August, a federal district court in Louisiana granted a group of defendants’ motion to stay pending arbitration. Plaintiff alleged breach of fiduciary duty, negligence, and fraud in connection with a trust account set...more

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