More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
Court Emphasizes Disclosure Substance Over Form -
A recent decision in Nofsinger v. Jackson National Life Insurance Co. shut down a putative class action in which the plaintiff alleged she surrendered her annuity contract...more
Allegations of misconduct by agents and brokers are a consistent feature of lawsuits aimed at insurance companies. Several recent court decisions illustrate the types of claims insurers have faced and which defense strategies...more
In recent months, circuit courts across the country have supported insurers’ discretion to deny long-term disability benefits (LTD) under ERISA. Since the beginning of the year, disability plan insurers have prevailed in the...more
We previously reported in detail on New Jersey’s recent case law addressing the validity of stranger-originated life insurance (STOLI) policies in the June 2019 and December 2019 issues of Expect Focus – Life, Annuity, and...more
The Ninth Circuit recently affirmed a summary judgment ruling in favor of Minnesota Life Insurance Co. on all claims stemming from its denial of an accelerated life insurance payment. ...more
2/10/2020
/ Accelerated Payments ,
Bad Faith ,
Breach of Contract ,
Consumer Protection Laws ,
Death Benefits ,
Denial of Insurance Coverage ,
Insurance Claims ,
Insurance Litigation ,
Life Insurance ,
Policy Terms ,
Summary Judgment
We previously reported on the New Jersey Supreme Court’s ruling on the validity of stranger-originated life insurance (STOLI) policies in the June 2019 issue of Expect Focus — Life, Annuity, and Retirement Solutions....more
2/7/2020
/ Beneficiaries ,
Consumer Insurance Products ,
Contested Proceedings ,
Insurable Interests ,
Insurance Litigation ,
Life Insurance ,
Policy Violations ,
Public Policy ,
State and Local Government ,
Statutory Requirements ,
STOLI ,
Sun Life Assurance Company of Canada ,
Trusts ,
Void Contracts ,
Wells Fargo
McClendon v. North Carolina Mutual Life Insurance Co. (M.D. Tenn. 2019) -
In McClendon, the plaintiff’s mother purchased a whole life insurance policy to insure the plaintiff’s brother, and subsequently took out a loan on...more
10/14/2019
/ Breach of Contract ,
Class Action ,
Consumer Insurance Products ,
Contract Terms ,
Covenant of Good Faith and Fair Dealing ,
Implied Covenants ,
Insurance Litigation ,
Interest Rates ,
Life Insurance ,
Loans ,
Low-Income Issues ,
Negligence ,
Unfair or Deceptive Trade Practices
The New Jersey Supreme Court recently held stranger-originated life insurance (STOLI) policies void as against public policy. In Sun Life Assurance Co. of Canada v. Wells Fargo Bank, N.A., a $5 million policy was taken out on...more
Life insurers that defend challenges to their exercises of discretion to adjust cost of insurance (COI) rates on universal life insurance policies continue to seek opportunities to narrow the scope of the claims through early...more