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Misrepresentation › Life Insurance › Insurance Industry

Winstead PC

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

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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

Carlton Fields

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

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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

Carlton Fields

Alleged Misrepresentations to DFS Warrant SLUSA Preclusion

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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

WilmerHale

Life and Annuity Series: Captive Reinsurance Class Actions

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

Carlton Fields

Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny

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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

Manatt, Phelps & Phillips, LLP

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

Manatt, Phelps & Phillips, LLP on

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

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