SLUSA Life Insurance

News & Analysis as of

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

A Tale of Two Annuities: Exchange of Variable for Fixed Annuity Integral in SLUSA Dismissal

After attending an annuity seminar, Robert and Diane Ruud exchanged their variable annuity for a fixed annuity sold by PHL Variable. According to the Ruuds, seminar provider John Friendshuh represented the fixed annuity as...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

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

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