News & Analysis as of

Life Insurance

Delaware Superior Court Denies Dismissal On Forum Non Conveniens

by Morris James LLP on

Lincoln Benefit Life Company v. Wilmington Trust N.A., C.A. N17C-08-301 ALR (April 5, 2018) - This decision holds that a case will not be dismissed on forum grounds just because it involves the interpretation of another...more

Corporate Insurance Newsletter – March 2018

by Hogan Lovells on

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

NAIC Disclosure Developments

by Carlton Fields on

Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more

Insurers Keep Providing Corporate Governance Disclosures Without Complaint—Yet

by Carlton Fields on

Following the financial crisis, the NAIC undertook a solvency modernization initiative (SMI) to update insurance regulators on insurance companies’ regulatory frameworks. One part of the SMI, meant to keep regulators informed...more

Tax Reform: Insurance Company Provisions

by Carlton Fields on

Recent tax legislation, informally known as the Tax Cuts and Jobs Act (the “Act”) contains several changes that affect the insurance industry....more

State Suitability, Fiduciary Duty and Disclosure Initiatives Roundup

by Carlton Fields on

States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more

FINRA Requires Order Taker Registration

by Carlton Fields on

In late 2017, FINRA pronounced in Regulatory Notice 17-30 that, "Beginning on October 1, 2018, unregistered persons cannot accept an order from a customer under any circumstances. ...more

Investment Adviser Fee Table on the Table

by Carlton Fields on

On February 7, the Massachusetts Securities Division asked for public comment on a fee table requirement for Massachusetts-registered investment advisers....more

SEC Targets Variable Insurance Products

by Carlton Fields on

Once again, the SEC’s Office of Compliance Inspections and Examinations (OCIE) has made variable insurance products an exam priority....more

Implementation Delay and Q&As for Fund Liquidity Rule

by Carlton Fields on

On February 21, the SEC approved a six-month extension for mutual funds to comply with the classification (bucketing) requirements and related elements of its new liquidity rule....more

Supreme Court Denies Insurer’s Petition to Review Standing in Data Breach Class Actions

by Carlton Fields on

In recent years, the insurance and financial services industries have been targets of high profile data breaches. The breached companies – themselves the victims of cyberattacks – often face putative class actions by...more

When Innovation Meets Regulation: InsurTech and State Licensing Laws

by Carlton Fields on

The rise of InsurTech — which brings technological innovations to the business of insurance — is having a significant impact on the insurance industry, including through advancements in cybersecurity tools, the introduction...more

SEC Issues Cybersecurity Disclosure Guidance

by Carlton Fields on

On February 21, the SEC published interpretive "Guidance" to help public operating companies prepare disclosures about cybersecurity risks and incidents. ...more

Expect Focus - International - March 2018

by Carlton Fields on

Trends Against BITS and Investor State Dispute Resolution - In my first Expect Focus International article (http://bit.ly/2G9Demu), I suggested that investors doing business outside the United States should do so in...more

Employers Must Plan Ahead to Mitigate H-1B Visa Processing Delays

by Carlton Fields on

The Trump Administration has passed no new immigration legislation or regulation. However, the administration’s stated focus on protecting the American worker, as articulated in its 2017 Buy American and Hire American...more

An Illustration Saga Continues in California

by Carlton Fields on

As we previously reported, the Ninth Circuit in March 2017 held that violation of California’s illustration statutes could serve as a predicate for an Unfair Competition Law (UCL) action, partially reversing the trial court’s...more

SEC Sidelines Funds Focused on Cryptocurrencies

by Carlton Fields on

In a January 18 letter to two of the fund industry’s leading advocacy groups, the staff of the SEC’s Division of Investment Management advised fund sponsors not to initiate registration of funds that intend to invest...more

SDNY Ruling Narrows Claims in COI Suit

by Carlton Fields on

In EFG Bank AG, Cayman Branch v. AXA and The Duffy 2004 LLC v. AXA, in a February 14 ruling, AXA Equitable Life Insurance Company earned a sweet victory on its motion for partial dismissal of the complaints in two...more

New Tax Law Eliminates 30-Day Safe Harbor Against CFC Status

by Carlton Fields on

The recent tax law changes have focused primarily on corporate income tax, and in the international context, mostly on outbound tax matters. However, certain less publicized changes to the Code’s controlled foreign...more

Plaintiffs’ Notice That the ‘Taxman Cometh’ Was Sufficient to Trigger Statute of Limitations

by Carlton Fields on

In a November 16, 2017 ruling, a California appellate court affirmed a summary judgment ruling in favor of several financial advisors, and insurer American General Life Insurance Company, holding that plaintiffs’ fraud and...more

CAFA’s Local Controversy Exception Requires Class Claims Against Local Defendant

by Carlton Fields on

As we previously reported, in September 2017, a federal district court in Louisiana dismissed with prejudice as time-barred putative class action RICO and state racketeering claims related to alleged wrongful conduct by an...more

Trends Against BITS and Investor State Dispute Resolution

by Carlton Fields on

In my first Expect Focus International article, I suggested that investors doing business outside the United States should do so in countries that have entered into bilateral investment treaties (BITs) with the United States....more

Illinois Federal Court Rejects Twin Suits Challenging Dividend Payment Practices

by Carlton Fields on

Challenges to mutual life insurers’ discretion in setting dividend scales date back over 100 years. Earlier this year, in Anderson v. Country Life Insurance Company and Ochoa v. State Farm Life Insurance Company, a federal...more

Court Rejects Insurer’s Spokeo-Based Standing Challenge to TCPA Action

by Carlton Fields on

In a February 20 ruling, the Northern District of Illinois cleared the way for a plumbing company’s putative class action against Allstate Insurance Company and an insurance agency co-defendant by denying the defendants’...more

Fifth Circuit Vacates DOL Fiduciary Rule

by Carlton Fields on

On March 15, the Fifth Circuit, in Chamber of Commerce, et. al. v. United States Department of Labor, a 46-page opinion, reversed the district court’s ruling upholding the Department of Labor (DOL) fiduciary rule and vacated...more

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