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Expect Focus - Life Insurance, Volume IV, December 2017

EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Newsletter...more

SEC Committee Advocates for Summary Mutual Fund Shareholder Reports

On December 7, the Investor Advisory Committee of the Securities and Exchange Commission (SEC) adopted a recommendation that the SEC seriously explore the development of a summary disclosure document for mutual fund companies...more

Missouri Court Holds Arbitration Clause In Insurance Contract Unenforceable As Against Public Policy And Under Governing Law

A Missouri district court recently held a mandatory arbitration provision was unenforceable in an insurance coverage dispute after an electrician was injured on the job and won an uncontested judgment in state court against...more

New York Court Of Appeals Holds There Is No Presumption Of Expense-Inclusive Caps In Liability Limit Clauses In Facultative...

The New York Court of Appeals recently answered in the negative a question certified to it by the U.S. Court of Appeals for the Second Circuit regarding prior precedent and whether per occurrence liability limits in...more

Franchisees Lose Bid To Vacate Arbitration Award Enforcing Non-Compete Clause Despite Claim That Arbitrator Manifestly Disregarded...

A set of former franchisees are prohibited from violating the terms of a non-compete clause with franchisor Wild Bird Centers of America (“WBCA”) for two years after the Fourth Circuit recently upheld the denial of their...more

Estate Avoids Arbitration In Wrongful Death Maritime Suit Because Defendant Was Not A Signatory Or Party To Contract With...

The Ninth Circuit refused last month to disturb a district court order denying a defendant’s motion to compel arbitration against a sailor in a maritime action pursuant to the Convention on the Recognition and Enforcement of...more

Customer Fails To Satisfy Burden To Vacate FINRA Arbitration Award In Favor Of Its Broker

A federal district court in California confirmed a FINRA arbitration award last month in a lawsuit by Global eBusiness against its broker for alleged mishandling of Global’s margin account. Overall, the court found that...more

Court Denies MF Global Holdings’ Bid To Appeal Bankruptcy Court Order Compelling Arbitration

On October 30, 2017 the Southern District of New York rejected MF Global Holdings’ (“MF Global”) latest attempt to avoid a bankruptcy court order compelling it to submit to arbitration in Bermuda in its coverage dispute with...more

Which Comes First Standing Or Class Certification? Northern District Of Illinois Weighs In

The Northern District of Illinois recently waded into the conflict between standing and class certification when it held that a putative class representative must demonstrate standing to assert each claim before the motion...more

Texas Passes Reduced Collateral Credit For Reinsurance Law Pertaining To Foreign Reinsurers

This past summer, the Texas legislature passed and the Governor signed a law that allows Texas insurers to negotiate reinsurance contracts with foreign reinsurers that do not require 100% collateral before the insurer can...more

Despite Heavy Criticism Of The Rationale, British Court Refuses To Enforce Arbitral Award Set Aside By Russian Court

The British High Court of Justice recently decided not to enforce an arbitral award in a dispute over the calculation of the purchase price of a Russian metallurgical company where a Russian court set aside that award and...more

Expect Focus - Life Insurance, Volume III - September 2017

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Expect Focus - Life Insurance, Volume III - September 2017

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Court Compels Discovery, Awards Sanctions In Dispute Over Whether Reinsurance Arbitration Clause Applies

In 2011, Top’s Personnel entered into a reinsurance agreement with Applied Underwriters Captive Risk Assurance Company (“AUCRA”), and several years later executed a promissory note (“the Note”) in favor of a related entity,...more

Pennsylvania Court Holds Fiduciary Duty Exists Only Where Consumer Cedes Decision-Making Control to the Fiduciary

The Pennsylvania Supreme Court recently held in Yenchi v. Ameriprise Financial, Inc. that a financial adviser owed no fiduciary duty to a couple who purchased a life insurance policy based on the adviser’s advice where they...more

Bankruptcy Court Grants MF Global Holdings’ Motion To Reconsider Decision To Compel Arbitration In Bermuda, But Reaches Same...

On September 6, 2017, the Bankruptcy Court for the Southern District of New York issued the latest order in the ongoing coverage battle between MF Global Holdings (“MF Global”) and Allied World Assurance Company regarding the...more

SEC Investor Advocate’s 2018 Objectives Target Key Issues for Life Insurers

On June 29, the SEC’s Office of the Investor Advocate released a report that prioritizes addressing the inconsistency in the standard of care applicable to broker-dealers (a suitability standard) versus investment advisers (a...more

OCIE Lessons From Cybersecurity 2 Initiative

On August 7, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert containing observations from its Cybersecurity 2 Exam Initiative. As a follow-up to the 2014 Cybersecurity 1 initiative, the...more

District Court Decides Flurry Of Discovery Motions In Dispute Between Reinsurer And Insurer Over Underlying Asbestos Claims

The Eastern District of Pennsylvania recently ruled on several discovery motions in a reinsurance dispute between R&Q Reinsurance Company (“R&Q”) and St. Paul Fire and Marine Insurance Company (“St. Paul”) over underlying...more

New Jersey Enacts Unclaimed Life Insurance Benefits Law

On September 13, New Jersey became the latest state to enact legislation governing unclaimed life insurance benefits. Gov. Chris Christie (R) signed New Jersey Assembly Bill 2511 into law as P.L.2017, s.236 (the “Act”), which...more

South Carolina Federal Court Orders Separate Trials Of Primary And Third-Party Claims In Reinsurance Trust Investment Dispute

A federal district court in South Carolina recently granted motions to bifurcate a trial involving various claims, crossclaims, and counterclaims between an insured, reinsurers, and a reinsurance agreement trustee. ...more

London Court Upholds Arbitral Award In Contractor Dispute In Face Of Challenge That Arbitral Panel Failed To Consider Coverage...

A court in London recently upheld an arbitral award in the face of claims that the arbitral panel failed to consider several coverage defenses one party asserted during the proceedings. The arbitration arose from a dispute...more

Following Series Of Procedural Battles, Bankruptcy Court Sends MF Global Holdings Dispute To Arbitration In Bermuda

In the latest opinion arising from a coverage dispute following MF Global Holdings’s bankruptcy, the Bankruptcy Court in the Southern District of New York sent the dispute to arbitration in Bermuda pursuant to the underlying...more

Individualized Inquiries and Difficulties Identifying Class Members Doom Title Insurance Reissue Rate Class Action

The District Court of Idaho recently decertified a title insurance reissue rate class action, finding the initial justifications for class certification have “not withstood the test of time.” Under the Idaho Rate Manual,...more

Tenth Circuit Declines To Disturb Arbitral Award Granting Fees And Costs In Wrongful Death Suit Against Nursing Home

The Tenth Circuit recently upheld a district court’s confirmation of an arbitral award ordering a nursing home (“THI”) to pay fees and costs associated with the arbitration of a wrongful death claim. A personal representative...more

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