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Expect Focus - Life Insurance, Volume IV, December 2017

by Carlton Fields on

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

Treasury Department Urges SEC to Act on Life Company Products

by Carlton Fields on

The U.S. Department of the Treasury published an October 2017 report, "A Financial System That Creates Economic Opportunities — Asset Management and Insurance" in response to President Trump’s Executive Order 13772 on "Core...more

Countdown to the First Annual New York DFS Cyber Regulation Certification

On February 15th, organizations subject to the New York Department of Financial Services Cybersecurity Regulation are required to submit their first annual certification attesting to their compliance with the state’s new data...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

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

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

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

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

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

Regulation Round Up - December 2017

by Proskauer Rose LLP on

1 December - The Financial Conduct Authority (FCA) published its 19th quarterly consultation paper (CP17/39). The proposed changes to the FCA Rules include changes to the FCA's Decision Procedure and Penalties manual,...more

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

by Carlton Fields on

New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more

Landmark decision awards security for costs against third-party funder in excess of funder’s commitment

by White & Case LLP on

The decision in Sandra Bailey & Others v GlaxoSmithKline UK Limited on 8 December 2017 examines the exposure of third-party funders to security for cost applications and considers whether the so-called Arkin cap is of any...more

Pension schemes and VAT: where are we now?

by Hogan Lovells on

HMRC has confirmed that existing arrangements enabling employers to reclaim VAT in respect of pension scheme administration costs borne by scheme trustees may continue. Please see full Publication below for more...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending December 1 & 8, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - - Foreclosure/Errors in Legal Description: error in legal description did not preclude judgment of foreclosure because property was sufficiently identified by accurate lot and tract, street address,...more

Iowa And Virginia Insurance Regulators Adopt The NAIC’s Term Model Rules Governing Term And Universal Life Insurance Reserve...

by Carlton Fields on

Insurance regulators in Iowa and Virginia have adopted the NAIC’s Model Rules regulating term and universal life insurance reserve financing. The stated purpose of the rules is “to establish uniform, national standards...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. Recall...more

Compliance With New York’s Cybersecurity Regulation 23 NYCRR Part 500

On March 1, 2017, New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective. The regulation is the first of its kind in the nation and requires certain companies, including banks, insurance companies and other...more

Michigan Publishes Annual Licensing Fees

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more

Trump Administration Issues Guidance on Asset Management and Insurance Regulation

On Oct. 26, 2017, the U.S. Treasury Department (Treasury) released the latest installment in a series of reports on financial regulation required by the president’s Feb. 3 executive order on the financial system....more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 17 & 24, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more

Get fiduciary liability insurance

by Ary Rosenbaum on

The warranty in the electronics business is gravy for the retailers who sell it. You’ll be surprised how many people pay $20 to get a warranty on a $100 Blu-Ray player. When Best Buy was going national, they advertised how...more

Defence & Indemnity - October 2017: I. INSURANCE ISSUES A.

by Field Law on

I. INSURANCE ISSUES: A. Where an insured’s employee followed an email from a fraudster posing as a vendor to change the electronic payment instructions to an account controlled by the fraudster, coverage was denied under...more

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