News & Analysis as of

General Business Insurance

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Preparing for New York Regulation 210’s Effective Date

by Carlton Fields on

The Preamble to New York’s Regulation 210 (the "Regulation") contains a March 19, 2018 effective date. However, the Regulation’s scope paragraph supports an interpretation that the Regulation’s requirements apply only when an...more

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

by Carlton Fields on

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

by Carlton Fields on

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

FASB to Revise Accounting for Tax Act

FASB received unsolicited input from banks and insurance companies and related trade groups on the accounting for what is referred to as the Tax Cuts and Jobs Act. Based on the input, FASB has tentatively decided to revise...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. ...more

Regulators Continue to Scrutinize Initial Coin Offerings

by Carlton Fields on

As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

New York’s High Court Scales Back Reinsurance Liability Cap

by Carlton Fields on

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

IVASS provides instructions to insurance intermediaries for preventing cyber risks

by Hogan Lovells on

IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new...more

Denial of Reinstatement of Lapsed Life Insurance Policy Affirmed Due to Failure to Satisfy Required Underwriting Standard

by Carlton Fields on

In European Pensions Management Limited v. Columbus Life Insurance Co., a pension benefit plan that had purchased a life insurance policy on the secondary market and then permitted it to lapse for non-payment of premiums sued...more

The Impact of the EU Requirement to ‘Unbundle’ Research Costs

by Carlton Fields on

A recent European Union (EU) directive prohibits certain investment managers from receiving securities research whose cost is "bundled" together with broker-dealers’ costs of effecting securities transactions directed by the...more

The NAIC Says Aloha

by Carlton Fields on

The National Association of Insurance Commissioners held its Fall National Meeting December 2-4 in Hawaii, saying aloha to 2017 and aloha to 2018. Key takeaways include...more

Based on Principles of Fairness, Court Dismisses Putative Class Action RICO Claims Asserted Years After Initiation of Suit

by Carlton Fields on

In Robertson v. SunLife Financial, a federal district court in Louisiana dismissed with prejudice as time-barred an amended putative class action complaint alleging RICO and state racketeering claims related to alleged...more

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

by Carlton Fields on

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

Third Time Is the Charm: Class Certified in DMF-Related Shareholder Suit

by Carlton Fields on

In City of Westland Police & Fire Retirement System v. MetLife, the plaintiffs allege that the insurer overstated its earnings because it did not hold sufficient reserves for death benefit claims on group life insurance...more

The Continuing Representation Doctrine Does Not Apply to Fraud Allegations

by Carlton Fields on

In Messmer v. KDK Fin. Serv. Inc., an individual action involving alleged fraud in connection with the sale and surrender of deferred annuities to a senior, the Indiana Court of Appeals refused to extend the doctrine of...more

COI Litigation Review – Early Dismissals Remain Elusive in Rate Increase Actions

by Carlton Fields on

Suits challenging insurers’ cost of insurance (COI) rate increases continue to generate much activity. In recent months, this activity has included transfers, consolidations, several actions that are inching closer to...more

Delicate FINRA Balancing Act: To Self-Report or Not?

by Carlton Fields on

FINRA Rule 4530(a) requires member firms to promptly report certain enumerated events. Rule 4530(b) is less specific, with supplemental guidance advising that a firm should report when it concludes or reasonably should have...more

Still Crazy After All These Years: Recent Developments on the Standard Mortgage Clause

by Cozen O'Connor on

A not uncommon scenario: after examining the charred debris of a property fire, investigators note that the building’s alarm failed to sound and automatic sprinkler system similarly failed to activate because neither had been...more

It’s Never Too Late to Ensure Your Association is Properly Insured

by Husch Blackwell LLP on

It has been said that insurance is the only product that both the seller and buyer hope is never used. That certainly rings true when it comes to community Associations’ insurance policies, but it does not diminish the need...more

California DOI Amends Regulation Of Reinsurance

by Carlton Fields on

The California Department of Insurance (DOI) has adopted a set of amendments, effective January 1, 2018, to its regulations regarding reinsurance accounting, agreements and oversight. These changes were made to conform the...more

All Insurance Adjuster Offices Now Need A Head Honcho!: Florida Legislature Addresses Adjusting And Public Adjusting Firms.

Florida House Bill 911, “An Act Relating to Insurance Adjusters” became law on January 1, 2018. In large part, the new legislation deals with the internal operation of public adjusting firms....more

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

by Carlton Fields on

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

New York High Court Confirms No "Blanket Rule" on Reinsurance Limits

by Jones Day on

The Situation: This past month, the New York Court of Appeals considered whether New York law imposes a "rule of construction" or "strong presumption" that a reinsurance contract's limit of liability provision caps the...more

The Eighth Circuit Raises the Bar for Would-Be Indemnitees

by Bilzin Sumberg on

Here is a situation that comes up quite a bit in the world of business contracts containing indemnification provisions, and in the insurance industry as well. First, a party (“Party A”) gets sued, or threatened with a suit,...more

January 2018: Lender's Edge Newsletter

by Polsinelli on

Are Lenders Entitled to Insurance Proceeds When Foreclosing? A lender’s right to insurance proceeds after foreclosure depends on the type of loss payable clause contained in the insurance policy and the timing of the loss....more

5,311 Results
|
View per page
Page: of 213
Cybersecurity

Follow General Business Updates on:

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.