Life Insurance

News & Analysis as of

New duty of disclosure regulations released

The regulation (Insurance Contracts Amendment Regulation 2015 (No. 1) (Cth)) setting out the new recommended wording for notifying customers of their duty of disclosure under s.22 of the Insurance Contract Act 1984 (Cth) came...more

SEC Pursues Another Fractional Interest Company

On April 7, 2015, the Securities and Exchange Commission (SEC) filed a complaint in the United States District Court for the Central District of California against Pacific West Capital Group, Inc., its owner, and the...more

4th Circuit Finds Insurer Was Not Required to Provide Notice Prior to Cancelling Life Insurance Policy for Unpaid Premium

An insured’s failure to make payments on his life insurance policy led it to lapse before his death according to Fourth Circuit Court of Appeals in Wactor v. Jackson National Life Insurance Co., No. 13-2367, 2015 WL 1020653...more

Remarriage & Estate Planning: Common Errors (Part 2)

This week on our blog we have been discussing remarriage and estate planning – including the questions you should ask yourself about estate planning after a second marriage and which documents you need to review and update...more

First Circuit’s RAA-Friendly Ruling Stands

The class plaintiffs’ challenge to a group life insurer’s use of so-called retained asset accounts (RAAs) in Merrimon v. Unum Life Insurance Company of America has come to an unsuccessful end. On January 26, the United...more

The Big Deal About Big Data: What Life Insurers Must Know

Big data and predictive analytics, which forecast future outcomes based on past occurrences, allow companies to examine large stores of data and uncover patterns that can be used to gain a competitive advantage. Long-used in...more

Case Alert: Employee Benefits Insurance – Does Coverage Apply to Employees Working Overseas?

What happened? In Rai v Legal & General Assurance Society [2015] EWHC 170, the English High Court decided that coverage was not available under an employee benefits insurance policy due to the operation of an exclusion in...more

STOLI Schemers Must Make Good on Damages Caused

Followers of stranger-originated life insurance (STOLI) issues have likely read over the last few years about Ohio National Life Assurance Corp. v. Davis and the favorable results the insurer obtained in its action against...more

Controller Must Still “Look To Find A Reason To Believe”

Last month, I wrote about reports that the SEC is seeking years of employment agreements, nondisclosure agreements and other documents in an effort to ferret out possible restraints on whistleblowers. See Is Anything Fishy...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

Eighth Circuit Issues Landmark Insurable Interest Ruling

March 13, 2015 – This morning the United States Court of Appeals for the Eighth Circuit handed down a game-changing ruling with major implications for the life settlements industry. The Eighth Circuit’s decision in PHL...more

11th Circuit Certifies Insurable Interest Questions in Pruco Cases to the Florida Supreme Court

On February 27, 2015, the United States Court of Appeals for the Eleventh Circuit certified two important questions of Florida insurable interest law to the Florida Supreme Court. ...more

NAIC Considers Proposal Which Might Expand The Market For Cat Bonds Among Life Insurance Companies

At the November 17, 2014 meeting of the Valuation of Securities Task Force of the NAIC’s Financial Condition (E) Committee, a proposal was received from the North American CRO [Chief Risk Officers] Council to modify the...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

Punishing Good Deeds in California

Most state treasurers now demand that life insurers search public databases, such as the Social Security Administration’s Death Master File (DMF), for potential claims. State treasurers similarly require insurers to remit...more

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

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