Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
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
The Sixth Circuit Court of Appeals issued a colorful opinion in a property insurance coverage dispute affirming a denial of coverage for loss arising out of an illicit marijuana growing operation in Michigan. The case is...more
10/8/2018
/ Appeals ,
Commercial Property Owners ,
Denial of Insurance Coverage ,
Insurance Claims ,
Insurance Industry ,
Insurance Litigation ,
Marijuana ,
Marijuana Related Businesses ,
Policy Exclusions ,
Policy Terms ,
Property Damage ,
Property Insurance ,
Third-Party Criminal Acts
In Excess Insurance Co. Ltd. v Factory Mutual Insurance Co., 3 NY3d 577 (N.Y. 2004), New York’s high court held that, under a facultative reinsurance agreement, the reinsurer’s liability was limited to a per occurrence cap,...more
In Mount Vernon Fire Ins. Co. v. VisionAid, Inc., No. 15-1351P2-01A (1st Cir. Nov. 15, 2017), the First Circuit Court of Appeals ended long-running insurance coverage litigation arising from policyholder VisionAid, Inc.’s...more
12/14/2017
/ ADEA ,
Age Discrimination ,
Appeals ,
Attorney's Fees ,
Declaratory Judgments ,
Employer Liability Issues ,
Employment Practices Liability Coverage ,
Indemnification ,
Independent Counsel ,
Insurance Industry ,
Insurance Litigation ,
MA Supreme Judicial Court
Texas homeowners Joe and Stacci Key sued their roofer, Lon Smith Roofing Contractors (“LSRC”), alleging LSRC violated the Texas Insurance Code by acting as an unlicensed public insurance adjustor. The trial court granted...more
8/29/2017
/ Class Action ,
Class Certification ,
Insurance Adjusters ,
Insurance Claims ,
Insurance Code ,
Insurance Industry ,
Insurance Litigation ,
Policy Terms ,
Property Damage ,
Property Insurance ,
Severe Weather
The FBI continues to warn that losses are on the rise from business email compromise (BEC) or “social engineering” schemes, which the Bureau describes as:
Carried out by transnational criminal organizations that employ...more
8/15/2017
/ Business E-Mail Compromise (BEC) ,
Computer Fraud Insurance ,
Corporate Counsel ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Denial of Insurance Coverage ,
FBI ,
Hackers ,
Insurance Industry ,
Insurance Litigation ,
Policy Terms ,
Social Engineering
Banks have historically been at the forefront of technological advances in commerce. So it should be no surprise that they and other financial institutions were also among the first to suffer losses related to computer fraud...more
A homeowners insurance policy often covers every member of a family, and many policies state that the insurance applies separately to each insured. The same policies usually exclude coverage for intentional acts. But what...more
12/20/2016
/ Auto Insurance ,
Declaratory Judgments ,
Denial of Insurance Coverage ,
Homeowner's Insurance ,
Indemnification ,
Insurance Industry ,
Insurance Litigation ,
Murder ,
Negligent Entrustment ,
Negligent Supervision ,
Policy Exclusions ,
Policy Terms ,
Property Insurance ,
Severability Doctrine ,
Social Media ,
Twitter ,
Wrongful Death
Cybersecurity awareness month is nigh upon us again, and thus perspective is in order. 2016 brought us the first collection and analysis of the nascent claims history of the burgeoning cyber-insurance market. On August 27,...more
10/4/2016
/ Commercial General Liability Policies ,
Cyber Attacks ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Hackers ,
Healthcare ,
Identity Theft ,
Insurance Industry ,
Medical Devices ,
NAIC ,
Policy Terms
National Union Fire Insurance Company of Pittsburgh brought a petition in a New York federal court, to compel nine related companies to arbitrate a payment dispute relating to certain policies of insurance issued to the...more
Insurers are a prime target for hackers as a result of the vast stores of valuable data they maintain. Not all information is created equal, and it varies in value. Hacker services and software, illegal drugs, cyberweapons...more
- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers
- New Wave of COI Rate Increase Lawsuits Hits the Industry
- STOLI Policies Cancelled, Insurers Retain Premium
-...more
8/29/2016
/ Administrative Proceedings ,
Capital Requirements ,
Cybersecurity ,
Data Breach ,
Death Master Files ,
Domain Names ,
Electronic Data Transmissions ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Florida ,
Insurance Industry ,
Life Insurance ,
Mutual Funds ,
NAIC ,
National Technical Information Service (NTIS) ,
Pensions ,
Popular ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
STOLI ,
Unclaimed Property
IN THE SPOTLIGHT -
- SEC Sanctions Unregistered EB-5 Investments Broker
SECURITIES -
- FINRA to Assess Member Firms’ Culture
- SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more
7/26/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Data Breach ,
Debt Buyers ,
Department of Justice (DOJ) ,
EB-5 ,
Electronic Data Transmissions ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Federal Pilot Programs ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Immigrant Investor Program ,
Individual Accountability ,
Inpatient Billing ,
Insurance Industry ,
Investment ,
Job Creation ,
Payday Loans ,
Pensions ,
Popular ,
Property Damage ,
Property Insurance ,
Securities ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Spokeo v Robins ,
Student Loans ,
Two-Midnight Rule ,
Whistleblower Awards ,
Whistleblowers
The computer network of a Five Guys Burger franchise, RVST Holdings, LLC (RVST), was hacked. Customers’ credit card information was stolen and used to make numerous fraudulent charges. Trustco Bank brought an action against...more
7/18/2016
/ Commercial General Liability Policies ,
Corporate Counsel ,
Credit Cards ,
Cyber Attacks ,
Cyber Insurance ,
Data Breach ,
Denial of Insurance Coverage ,
Electronic Data Transmissions ,
Fraudulent Charges ,
Hackers ,
Insurance Industry ,
Personally Identifiable Information ,
Popular ,
Property Damage ,
Restaurant Industry ,
Summary Judgment
A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more
6/27/2016
/ Commercial General Liability Policies ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Debit and Credit Card Transactions ,
Insurance Industry ,
Liability Insurance ,
PF Chang's ,
Popular ,
Restaurant Industry ,
Risk Management
The named plaintiff in Soseeah v. Sentry Insurance had a Sentry auto policy. She declined UM/UIM coverage when she initially purchased her policy, and renewed annually thereafter. In 2010, the New Mexico Supreme Court held,...more
The Green Earth Wellness Center operates a retail medical marijuana business and adjacent growing facility in Colorado Springs, Colorado. In 2012, it purchased commercial insurance from Atain Specialty Insurance Company....more
4/20/2016
/ Bad Faith ,
Breach of Contract ,
Commercial General Liability Policies ,
Controlled Substances ,
Decriminalization of Marijuana ,
Insurance Claims ,
Insurance Industry ,
Marijuana ,
Marijuana Related Businesses ,
Medical Marijuana ,
Wildfires
Virginia’s Supreme Court recently addressed an issue of statutory interpretation that affects whether or under what circumstances a contractual suit limitation provision in an insurance policy may be tolled. In Allstate Prop....more
Both the number of cases under the Telephone Consumer Protection Act (TCPA) and the types of practices that those cases challenge have mushroomed within the last several years. Yet a dedicated form of insurance against TCPA...more
As we reported in this space late last year, the U.S. Supreme Court’s decision in AT&T Mobility LLC v. Concepcion, 131 S.Ct. 1740, 1745 (2011), tilted the scales toward federal power in the field of arbitration, preempting...more
10/19/2015
/ Arbitration ,
Arbitration Agreements ,
AT&T Mobility ,
AT&T Mobility v Concepcion ,
Bad Faith ,
Employee Retirement Income Security Act (ERISA) ,
Federal Arbitration Act ,
Insurance Industry ,
Insurance Litigation ,
Insurance Regulations ,
McCarran-Ferguson Act ,
Preemption ,
SCOTUS
In late June, the New York Court of Appeals affirmed a trial court ruling that there was no coverage for a health insurance company policyholder, under a “Computer Systems Fraud” rider issued by its insurer, for an underlying...more
10/9/2015
/ Appeals ,
Commercial Insurance Policies ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Data Security ,
Fraud ,
Fraudulent Wire Transfers ,
Hackers ,
Health Insurance ,
Insurance Industry ,
Medicare Advantage ,
National Union ,
Oil & Gas ,
Phishing Scams ,
Popular
In This Issue:
IN THE SPOTLIGHT -
- Your Data Breach Collided With My Personal Injury Coverage
LIFE INSURANCE -
- Phantom Injury Dooms “Shadow Insurance” Case
- Latest NAIC Cybersecurity News...more
10/8/2015
/ Administrative Law Judge (ALJ) ,
AIG ,
Auto Body Shop ,
Bailout ,
Banking Sector ,
Banks ,
Big Data ,
Breach Notification Rule ,
Class Action ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CT Supreme Court ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Department of Labor (DOL) ,
Derivative Suit ,
Disclosure Requirements ,
Disparate Impact ,
EB-5 ,
Fair Housing Act (FHA) ,
FFIEC ,
Fiduciary Duty ,
Financial Institutions ,
Foreclosure ,
Healthcare ,
Insurance Industry ,
King v Burwell ,
Life Insurance ,
Mortgage Servicers ,
Mutual Funds ,
NAIC ,
Online Advertisements ,
Ransomware ,
Reassigned Phone Numbers ,
Regulation A ,
RI Supreme Court ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Standing ,
TCPA ,
Telecommunications ,
Treble Damages ,
Whistleblowers
Editors at Wired magazine recently engaged in a year-long project to develop a means to hack the onboard computer of a Jeep, and override the driver’s control of several critical vehicle functions. According to a disturbing...more