News & Analysis as of

Life Insurance Florida

Carlton Fields

Insurers’ Successful Challenge to 2016 Amendments to Florida’s Unclaimed Property Act Reversed on Appeal

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On June 3, 2020, Florida’s First District Court of Appeal issued a 2–1 decision in Patronis v. United Insurance Company of America, reversing a 2018 trial court decision in which life insurance companies had successfully...more

Carlton Fields

Cryptocurrency Regulatory Complexities Multiply

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Firms seeking to integrate digital assets into their business — including the sale of insurance or securities products and services — must grapple with the potential applicability of money transmission regulation that varies...more

Locke Lord LLP

Florida may have outlawed legitimate premium finance lending

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Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.9911 (9), defines a prohibited stranger-originated life insurance practice as: - (9) “Stranger-originated...more

Carlton Fields

Florida Adopts New Life Insurance Notice Requirement for Changes in Policy "Status"

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On June 26, 2016, a new Florida Statute (Section 626.99292) was signed into law, effective immediately, which imposes problematic policyholder notice requirements on life insurers. The new notice requirements were added by...more

Carlton Fields

Insurable Interest Found in Life Insurance Policies Procured by Investors Through Fraudulent STOLI Scheme

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The Florida Supreme Court recently held that life insurance policies procured by investors through a STOLI scheme did not violate Florida’s insurable interest statute and could not be challenged after the two-year...more

Locke Lord LLP

Florida Supreme Court Advises the Eleventh Circuit that A STOLI Policy Cannot Be Rescinded After the Contestability Period

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The U.S. Eleventh Circuit Court of Appeals certified 2 questions under Florida law to the Florida Supreme Court relating to 3 STOLI life insurance policies. The Florida Supreme Court rephrased (and conflated) the 2 questions...more

Orrick, Herrington & Sutcliffe LLP

Florida Supreme Court Holds that STOLI Challenges are Barred by Two-Year Contestability Clause

On September 22, 2016, the Florida Supreme Court issued an eagerly-awaited opinion in Wells Fargo Bank, N.A. v. Pruco Life Insurance Co. The Court held that Florida's two-year contestability statute applies to bar an...more

Carlton Fields

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

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- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium -...more

Carlton Fields

A Constitutional Challenge to Florida's New Unclaimed Property Act Amendments

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In April, Florida amended its Disposition of Unclaimed Property Act (“Act”) to require life insurers to perform Death Master File (DMF) searches for all policies issued since 1992. The amended Act also provides that a DMF...more

Akerman LLP - Health Law Rx

Insurers Challenge Retroactive Application of New Florida Law that Requires Comparison of Names of Accounts to Death Master File

Amendments to the Florida Disposition of Unclaimed Property Act in 2016 made significant changes to unclaimed property presumptions and insurance company obligations. See § 717.107, Fla. Stat. (2016) (the Act). Among other...more

Carlton Fields

Florida Imposes Additional Unclaimed Property Requirements on Life Insurers

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On April 12, Florida Governor Scott signed Senate Bill 0966 into law. SB 0966 amends the insurance benefits provisions of Florida’s Uniform Unclaimed Property Act, Fl. Stat. Section 717.107. These amendments effectively...more

Carlton Fields

Bill to Amend Florida’s Unclaimed Property Act Regarding Unclaimed Insurance Benefits Moves to Senate Floor

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On January 19, the Florida Senate Banking and Insurance Committee approved a Senate bill (“SB 966”) that would modify Florida’s existing Unclaimed Property Act (the “Act”) requirements regarding unclaimed insurance benefits....more

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