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Expect Focus - Volume I, January 2023

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

Annuity Litigation Roundup

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

Recent Trends and Defense Strategies in Agent Sales Practice Suits

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

ERISA Disability Plan Insurers Score Important Circuit Court Victories

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

New Jersey Springs Into Action: New Bill to Ban STOLI Policies

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

Not So Fast: Court Upholds Denial of Request for Accelerated Life Insurance Payment

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

Third Circuit Application of Certified Questions Confirms STOLI Policies Void in New Jersey

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

Class Action Roundup

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

STOLI Policies Void in New Jersey

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

COI Litigation Update

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

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