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Securities Insurance

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

Does Your D&O Policy Cover Government Investigations?

by Reed Smith on

Policyholders need to be aware of a recent Tenth Circuit decision, MusclePharm Corp. v. Liberty Insurance Underwriters, Inc. No. 16-1462, 2017 WL 4675701 (October 17, 2017), which calls into question whether and when a D&O...more

Key Regulatory Topics: Weekly Update - 10 November 2017 – 16 November 2017

by Allen & Overy LLP on

BREXIT - UK Finance proposes model for post-Brexit financial services under EU-UK trade agreement - On 16 November, UK Finance published a report entitled "Supporting Europe's economies and citizens: a modern approach...more

Kyiv Tax Newsletter (Ukrainian) - November 2017

by Dentons on

Implementation of the provisions set out in the Law will result in enhanced quality of the financial statements in Ukraine and will ensure the performance of Ukraine’s obligations pursuant to the Ukraine–European Union...more

Kyiv Tax Newsletter - November 2017

by Dentons on

The President of Ukraine signed the Law “On Introduction of Amendments into the Law of Ukraine ‘On Accounting and Financial Statements in Ukraine’ in Connection with the Improvement of Certain Provisions.” Implementation...more

Interval Alts and Insurance-Linked Securities

We are seeing Interval Alts (registered investment funds featuring hedge fund-like liquidity) being used for dedicated insurance-linked securities (ILS) strategies. ILS, such as catastrophe, or "cat," bonds, provide...more

Regulation Round Up - October 2017

by Proskauer Rose LLP on

3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more

UK: Corporate Insurance Newsletter – October 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for October has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this...more

Treasury Report Addresses Regulatory Approaches Affecting Investment Companies and Their Advisers

by Pepper Hamilton LLP on

As required by President Trump’s Executive Order 13772, the U.S. Department of the Treasury issued a report, “A Financial System That Creates Economic Opportunities, Asset Management and Insurance,” addressing the regulatory...more

SDNY Rules SEC Investigation Is A “Claim” Within Pending And Prior Acts Exclusion

by Carlton Fields on

The U.S. District Court for the Southern District of New York has held that a long-running investigation by the SEC constituted a “Claim” triggering the pending and prior claims exclusion in an excess directors and officers...more

Who can sue for breach of the non-payment terms of a bearer note?

by Dentons on

Secure Capital SA (SC) was the owner of the entire beneficial interest in a series of notes issued by Credit Suisse (the Notes). The Notes were governed by English law and issued in bearer form. SC held its interest in the...more

Expect Focus - Life Insurance, Volume III - September 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 Publication...more

Expect Focus - Life Insurance, Volume III - September 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 Publication...more

A Ticking Clock: New York’s Pending Non-Guaranteed Elements Rule for Life Insurance and Annuity Products

by Carlton Fields on

The clock is ticking on the New York Department of Financial Services’ issuance of new Regulation 210 "Life Insurance and Annuity Non-Guaranteed Elements" (the Rule). ...more

Communications With Auditors and Audit Committees May Change

by Carlton Fields on

The SEC has proposed for comment major revisions in the disclosures auditors are required to make in their reports on financial statements audited pursuant to Public Company Accounting Oversight Board (PCAOB) standards....more

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

by Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

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

by Carlton Fields on

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

Certified Financial Planner Board Proposes Fiduciary Obligations for All CFP Financial Advice

by Carlton Fields on

In June, the Certified Financial Planner (CFP) Board released proposed revisions to its standards of professional conduct that would require CFPs to adhere to a fiduciary standard at all times when providing any "financial...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

The Fiduciary Rule Status Update

by Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

Nevada Securities Act Amendments – What’s Next?

by Carlton Fields on

Over the summer, much was written about amendments to the Nevada Securities Act provisions governing financial planners, which became effective July 1, after being signed by the Governor on June 2....more

SEC Stays Approval of Quadruple-Leveraged ETF

by Carlton Fields on

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

SEC Scrutinizes Multi-Manager Arrangements

by Carlton Fields on

Many mutual funds implement their investment strategies through "multi-manager" (also called "manager of manager") arrangements, particularly funds used to support variable life insurance and annuity products. Among other...more

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

by Carlton Fields on

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

SEC Cautions on Use of Distributed Ledger/Blockchain Technology to Raise Capital

by Carlton Fields on

In July, the SEC issued a report addressing the applicability of U.S. federal securities laws to the offer and sale of securities by "virtual corporations or capital raising entities that use distributed ledger or blockchain...more

Regulation Round Up - September 2017

by Proskauer Rose LLP on

1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more

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