News & Analysis as of

Misrepresentation Life Insurance

Court Held That Settlor Had Standing To Assert Extra-Contractual Misrepresentation Claims Regarding Insurance Policies He...

by Winstead PC on

In Lee v. Rogers Agency, Lee purchased three whole-life insurance policies in the 1980s where each had a face value of $1,000,000. No. 06-15-00037, 2017 Tex. App. LEXIS 1069 (Tex. App.—Texarkana February 8, 2017, pet. filed)....more

NY DFS Issues Circular Letter Addressing Life Insurance Unfair Claims Settlement Practices During the Contestability Period

by Carlton Fields on

On January 26 – in its first-issued circular letter of the year – the New York Department of Financial Services (DFS) reminded life insurers doing business in the state that they can only contest claims following the death of...more

Basic-Supplemental Life Insurance Plan Pricing Structure Upheld in ERISA Class Action

An employee benefit plan that includes an alleged subsidization component for its basic and supplemental options is neither prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) nor a violation of the plan...more

Alleged Misrepresentations to DFS Warrant SLUSA Preclusion

by Carlton Fields on

The Southern District of New York recently granted defendant’s motion to dismiss a putative class action claiming that AXA Equitable Life Insurance Company breached its contractual obligation by implementing a volatility...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

Life and Annuity Series: Captive Reinsurance Class Actions

by WilmerHale on

There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more

Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny

by Carlton Fields on

One of several class actions that arose in the wake of a 2013 investigation by the New York Department of Financial Services (NYDFS) into so-called “shadow insurance,” Robainas v. Metropolitan Life Insurance Co., has been...more

S.D.N.Y. Dismisses Plaintiffs’ “Shadow Insurance” Class Action Claims

by Foley & Lardner LLP on

On July 21, 2015, a federal judge granted AXA Equitable Life Insurance Company’s motion to dismiss claims brought against it by insureds who alleged that AXA violated New York law by engaging in various “shadow insurance”...more

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

by Dentons on

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

Arizona Reduces Punitive Damages in Insurance Bad Faith Case Again: Arellano v. Primerica Life Insurance

by Jaburg Wilk on

In Arellano v. Primerica Life Insurance Company, 235 Ariz. 371, 332 P.3d 597 (App. 2014), despite finding an insurer’s conduct moderately to highly reprehensible, the Arizona Court of Appeals recently reduced a punitive...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

Temporary Insurance Applications and Agreements: The Impact of Material Misrepresentations in Life Insurance Applications on...

by Wilson Elser on

Earlier this year, the Fourth Circuit upheld a decision of the U.S. District Court for the Eastern District of Virginia, Banner Life Ins. Co. v. Noel, No. 12-1329, 2013 WL 221650 (4th Cir. Jan. 22, 2013), holding that a...more

Ninth Circuit Upholds Rescission of Life Insurance Policy and Rejects Novel Theories

This week the Ninth Circuit affirmed a grant of summary judgment in favor of USAA Life Insurance Company, holding that the insurer was entitled to rescind the policy under California law when it discovered that its insured...more

Misrepresentation Law and Insurance Coverage In South Carolina

by Nexsen Pruet, PLLC on

1. The Claim - An insurer may use the alleged misrepresentations and/or omissions of an insured in the life, health and disability insurance application process in two ways: (i) affirmatively, by seeking rescission of...more

Ninth Circuit Applies Securities Litigation Uniform Standards Act to Affirm Dismissal of Section 17200 Class Action Involving...

In Freeman Investments, LP v. Pacific Life Insurance Co., No. 09-55513, 2013 WL 11884 (9th Cir. Jan 2, 2013), the United States Court of Appeals for the Ninth Circuit held that the Securities Litigation Uniform Standards Act...more

Ninth Circuit: SLUSA Does Not Bar State Law Breach of Contract Claims

by BakerHostetler on

The Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) is a federal law that bars state law securities class actions alleging misrepresentations or omissions related to the purchase or sale of certain covered...more

Bad Faith Sentinel - December 2012

by Saul Ewing LLP on

In This Issue: - Florida Court Holds That Insurer’s Claim File, Including Log Notes And Internal Emails, Is Protected By Work Product Protection pages 1 - 2 - Southern District Of Mississippi: Insurer Has Right to...more

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