Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
Life Policy Lapse Shortly Before Insured’s Death -
In Simon v. USAA Life Insurance Co. (Mar. 29, 2024), the insurer denied death benefits under a term life insurance policy, which had lapsed for nonpayment of premium two...more
In Ross v. Venerable Insurance & Annuity Co., a Missouri appellate court reversed judgment in favor of the named beneficiary of a flexible premium deferred annuity contract. Following the annuitant’s death, the beneficiary...more
1/22/2024
/ Annuities ,
Appellate Courts ,
Appellate Rules ,
Beneficiaries ,
Breach of Contract ,
Disability Insurance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Insurer Liability ,
Life Insurance ,
Litigation Strategies ,
Summary Judgment
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
STOLI -
We reported in detail on developments in the case law and legislation addressing stranger-originated life insurance (STOLI) policies in past issues of Expect Focus – Life, Annuity, and Retirement Solutions. ...more
The first half of 2020 saw an uptick in the filing of class action lawsuits against life insurance companies.
Life insurance companies have continued to be the target of putative class actions in California challenging...more
The California Supreme Court recently handed Northwestern Mutual Life Insurance Co. a decisive victory in a putative class action challenging the insurer’s assessment of compound interest on policy loans, holding that...more
The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more
10/10/2019
/ Best Interest Standard ,
Broker-Dealer ,
Consumer Insurance Products ,
Dodd-Frank ,
Fiduciary Duty ,
Investment Adviser ,
Investment Management ,
Jurisdiction ,
Life Insurance ,
New Rules ,
Regulation Best Interest ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct ,
Sua Sponte ,
Subject Matter Jurisdiction
Individualized defenses and choice-of-law issues played a key role in preventing class certification in a recent challenge to a life insurer’s discretion to adjust its “risk rates” on universal life (UL) insurance policies....more
In Jackson National Life Insurance Co. v. Dobbins, the Fifth Circuit Court of Appeals affirmed the district court’s grant of summary judgment for an insurer in an interpleader action, which resolved, among other things,...more
The Southern District of Indiana recently dismissed a putative class action alleging that the defendant-insurer improperly inflated premiums and cost of insurance (COI) rates on universal life policies....more
In This Issue:
- IN THE SPOTLIGHT
..Crisis Management: Five Steps to Take Before Providing That Comment
- LIFE INSURANCE
..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more
1/16/2015
/ Automotive Loans ,
CFTC ,
Class Action ,
Consumer Complaint System ,
Data Breach ,
Divorce ,
Driverless Cars ,
FCC ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Money Market Funds ,
Mortgages ,
NAIC ,
Private Equity Funds ,
STOLI ,
Unsolicited Faxes
Recently, there has been a noticeable increase in lawsuits, particularly putative class actions, brought against life insurance companies pursuant to the Telephone Consumer Protection Act of 1991 (TCPA). As amended by the...more
On September 17, 2014, the NAIC's Unclaimed Life Insurance Benefits (A) Working Group (Working Group) discussed its recommendations to the Life Insurance and Annuities (A) Committee (the (A) Committee) concerning unclaimed...more
On September 4, the Louisiana Department of Insurance issued Advisory Letter 2014-04 (the "Advisory") to advise all life and annuity insurers licensed in Louisiana regarding use of the Social Security Administration's Death...more
On August 5, Florida's First District Court of Appeal reversed a ruling issued by Florida's Department of Financial Services ("DFS") that would have triggered an insurer's duty to escheat life insurance benefits under...more
During its March 13, 2014 conference call, the NAIC's Life Insurance and Annuities (A) Committee appointed an Unclaimed Life Insurance Benefits (A) Working Group charged with "undertaking a study to determine if...more
On December 27, 2013, a West Virginia court dismissed 63 separate lawsuits brought by the Treasurer of the State of West Virginia ("Treasurer") against life insurance companies doing business in West Virginia. The court...more