News & Analysis as of

Life Insurance Financial Services Industry

Stikeman Elliott LLP

Ontario Consultation on Regulating Life & Health Managing General Agents Launched

Stikeman Elliott LLP on

On July 26, 2024, the Ontario Ministry of Finance launched a consultation on proposed amendments to the Insurance Act that would create a regulatory framework for life and health managing general agents (L&H MGAs) and those...more

Skadden, Arps, Slate, Meagher & Flom LLP

The PRA’s Expectations for Funded Reinsurance: How To Comply

The PRA has released an important statement on its approach to funded reinsurance. Our view is that the statement endorses the conceptual principle that funded reinsurance (particularly to offshore counterparties) should best...more

Carlton Fields

Expect Focus - Volume III, September 2023

Carlton Fields on

Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more

Carlton Fields

New York Department of Financial Services Plays Pit Boss for Consumer Protection

Carlton Fields on

Worried that the cards may be stacked against certain consumers and producers, the New York Department of Financial Services (DFS) released a circular letter and filing guidance note on July 17 to remind insurers of their...more

Carlton Fields

Medical Incapacity Does Not Toll Life Insurance Conversion Period

Carlton Fields on

A plan administrator did not abuse its discretion in concluding that a former employee’s surviving spouse was not entitled to life insurance benefits under an employee benefit plan. In Hayes v. Prudential Insurance Company of...more

McDermott Will & Emery

Insurance Regulators Continue Big Data Scrutiny

We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK PRA’s Priorities for Insurance Supervision in 2023

The UK Prudential Regulation Authority (PRA) laid out its priorities for insurance supervision this year in a 10 January 2023 Priorities Letter. In this newsletter, we summarise the broad themes emerging from the Priorities...more

Hogan Lovells

Changes in insurance regulation: Mainland China/Hong Kong/Singapore/Indonesia

Hogan Lovells on

The tracker covers a range of developments across the region, including steps taken by the Chinese authorities to decentralise regulations in the insurance sector, a new amendment bill passed by the Hong Kong Legislative...more

Gerald Nowotny - Law Office of Gerald R....

NOWOTNY KNOWS SQUAT! Helping Advisors Build a Clientele and Assets Under Management Part 3 – Using Malta Pension Plans to Raise...

This is the third installment in the series Nowotny Knows Squat. This series focuses on value added planning ideas that financial advisors and life insurance agents should introduce to their clients. In case, you haven't...more

Carlton Fields

Not If, But When: Applying the ADA’s Accessibility Requirements to Mobile Apps

Carlton Fields on

Americans with Disabilities Act (ADA) accessibility suits continue to flood federal court dockets in New York, California, and Florida. Neither Title III of the ADA nor the implementing regulations mention websites. Yet,...more

Carlton Fields

A New Dawning for Electronic Insurance and Investment Product Transactions and Document Delivery?

Carlton Fields on

In 2020, the financial services industry and regulators adjusted to new norms of social distancing, electronic document delivery, and electronic transactions. Regulators are recognizing the gap between advancements in...more

Carlton Fields

NAIC Task Force Gives Insurers a Holiday Rebating Gift

Carlton Fields on

Just in time for the holidays, the Innovation and Technology Task Force (Innovation TF) and the NAIC Executive (EX) Committee adopted revisions to Section 4(H) of the NAIC Unfair Trade Practices Act (Model 880). ...more

Carlton Fields

Great-West Wins 36(b) Fee Case

Carlton Fields on

Great-West Life & Annuity Insurance Co. and Great-West Capital Management, LLC (together, “Great-West”) have won a judgment that they did not violate their fiduciary duty by receiving excessive investment advisory and...more

Carlton Fields

Seniors in the Coming Year

Carlton Fields on

Continued FINRA Focus - If regulatory developments in 2020 are any indication, FINRA’s efforts to protect senior customers from financial exploitation and vulnerability will continue in 2021 and beyond....more

Carlton Fields

Life Industry Class Action Trends in the First Half of 2020

Carlton Fields on

The first half of 2020 saw an uptick in the filing of class action lawsuits against life insurance companies. Life insurance companies have continued to be the target of putative class actions in California challenging...more

Carlton Fields

No Summer Break for the Rebating Drafting Group

Carlton Fields on

The rebating drafting group of the NAIC’s Innovation and Technology (EX) Task Force (“Innovation TF”) has been busy all summer working on proposed changes to section 4(H) of the NAIC’s Unfair Trade Practices Act (UTPA). On...more

Carlton Fields

Not Quite Across the Suitability Finish Line

Carlton Fields on

While everyone may be growing weary, the work to revise the state insurance standard of care for annuity transaction recommendations is not quite finished. ...more

Carlton Fields

Is It Time to Come Out and Play? New Rules Proposed on What Constitutes Rebating

Carlton Fields on

While everyone was working from home, the NAIC's Innovation and Technology (EX) Task Force (Innovation TF) was busy creating proposed new game rules on rebating. ...more

Carlton Fields

Peering Into Regulators' Views on Artificial Intelligence

Carlton Fields on

The comments by regulators during the NAIC Artificial Intelligence (EX) Working Group (AI WG) calls provide insight into regulators' views on insurers' use of artificial intelligence and may foretell areas for future...more

Carlton Fields

Clarity on Application of California Usury Law: Insurers Not Subject to Compound Interest Limitations

Carlton Fields on

The California Supreme Court recently handed Northwestern Mutual Life Insurance Co. a decisive victory in a putative class action challenging the insurer’s assessment of compound interest on policy loans, holding that...more

Carlton Fields

FSOC: “Too Big to Fail” Has Failed

Carlton Fields on

Insurance and Investment Firms Breathe Easier - On December 4, 2019, the Financial Stability Oversight Council adopted final interpretive guidance on addressing systemic threats to the financial system that prioritizes the...more

Carlton Fields

Out of the Gate Fast

Carlton Fields on

Arizona jumped out front of the pack with the introduction of Senate Bill No. 1557, titled "Annuity Transactions; Requirements," which would amend Arizona's suitability requirements for annuity transactions. Senate Bill No....more

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

Ballard Spahr LLP on

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Troutman Pepper

Investment Management Roundtable Discussion – Personal Estate Planning

Troutman Pepper on

Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Private Fund Services Practice Group, hosts a series of candid, interactive webinar discussions for West LegalEdcenter on what is going on...more

Carlton Fields

Defendants Fend Off Challenge to FIA’s Proprietary Index

Carlton Fields on

The End or the Beginning for Suits Over Disappointed Index Interest Expectations? Security Benefit Life Insurance Co. and Guggenheim Partners recently secured an important victory in a class action challenging a fixed...more

78 Results
 / 
View per page
Page: of 4

"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:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide