News & Analysis as of

STOLI

Carlton Fields

Second Circuit Affirms Summary Judgment for Bona Fide Purchaser in STOLI Action

by Carlton Fields on

In a June 8, ruling in AEI Life v. Lincoln Benefit Life Co., the Second Circuit upheld the District Court for the Eastern District of New York’s application of New York’s two-year incontestability period to a STOLI policy....more

Patterson Belknap Webb & Tyler LLP

Lengthy summary order affirms an order of restitution

In a 12-page summary order issued on February 9, 2018, the Second Circuit affirmed an order of restitution in United States v. Quatrella, 17-1786. The order is interesting primarily because it addresses the question of when...more

Carlton Fields

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

Carlton Fields

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

Carlton Fields

Eleventh Circuit Affirms Summary Judgment or Insurer in STOLI Case

by Carlton Fields on

In Sun Life Assur. Co. of Canada v. U.S. Bank Nat. Ass’n, the Eleventh Circuit recently clarified that where a life insurance policy lacks an insurable interest at its inception and is thus void ab initio, prejudgment...more

Locke Lord LLP

The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement...

by Locke Lord LLP on

The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge the...more

Locke Lord LLP

Florida may have outlawed legitimate premium finance lending

by Locke Lord LLP on

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

Bradley Arant Boult Cummings LLP

Case Note: Insurer’s Loss in Wisconsin “STOLI” Action Affirmed by Seventh Circuit

Following-up on a case note published late last year regarding the courts’ continued analyses of stranger-originated life insurance (“STOLI”) policies, the Seventh Circuit affirmed the district court’s summary judgment order...more

Orrick, Herrington & Sutcliffe LLP

Utah Federal Court Holds That Incontestability Statute Bars Insurer From Avoiding Death Claim on STOLI Policy

On March 13, 2017, Judge David Nuffer of the United States District Court for the District of Utah granted defendant Wilmington Trust Company's motion to dismiss a lawsuit seeking to invalidate an alleged "STOLI"...more

Carlton Fields

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

by Carlton Fields on

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

Carlton Fields

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

by Carlton Fields on

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

Eversheds Sutherland (US) LLP

STOLI Scheme Saved By Expiration of Contestability Clause

On September 22, the Florida Supreme Court in Wells Fargo Bank NA v. Pruco Life Insurance Co., No. SC15-382 (Fla. Sept. 22, 2016) denied Pruco Life Insurance Company’s challenge to the validity of an insurance policy...more

Locke Lord LLP

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

by Locke Lord LLP on

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]

by Carlton Fields on

- 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

STOLI Policies Cancelled, Insurers Retain Premium

by Carlton Fields on

Two federal appellate courts have affirmed, on different grounds, the cancellation of large life insurance policies that were alleged to be stranger originated life insurance (STOLI), permitting the issuing insurers to retain...more

Carlton Fields

Two Federal Courts Uphold Criminal Convictions for Insurance Brokers

by Carlton Fields on

Two federal appellate decisions highlight the potential criminal liability for rogue agents. First, in United States v. Binday, the Second Circuit Court of Appeals upheld mail and wire fraud convictions of three individuals...more

Carlton Fields

eCommerce Regulation, Bitcoin, Anti-Money Laundering, Shadow Insurance, 401(k) Litigation [Expect Focus – Vol. IV, Fall 2015]

by Carlton Fields on

IN THE SPOTLIGHT - - California Passes Life and Annuity Electronic Transactions Law LIFE INSURANCE - - Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny - NAIC Evaluates Insurer’s Use of Variable...more

Carlton Fields

Federal Court of Appeals Deems Policies STOLI, Refuses to Order Return of Premiums

by Carlton Fields on

Upon determining that certain Ohio National life insurance policies were stranger originated life insurance (STOLI) under Illinois law, the Seventh Circuit Court of Appeals, in Ohio National Life Assurance Corp. v. Davis,...more

Carlton Fields

Appellate Courts + STOLI = Mixed Results

by Carlton Fields on

In recent years, federal district courts addressing claims and defenses with respect to stranger-originated life insurance (STOLI) schemes have reached a variety of results. Accordingly, federal appellate courts have...more

Carlton Fields

STOLI Schemers Must Make Good on Damages Caused

by Carlton Fields on

Followers of stranger-originated life insurance (STOLI) issues have likely read over the last few years about Ohio National Life Assurance Corp. v. Davis and the favorable results the insurer obtained in its action against...more

Orrick, Herrington & Sutcliffe LLP

Eighth Circuit Issues Landmark Insurable Interest Ruling

March 13, 2015 – This morning the United States Court of Appeals for the Eighth Circuit handed down a game-changing ruling with major implications for the life settlements industry. The Eighth Circuit’s decision in PHL...more

Orrick, Herrington & Sutcliffe LLP

11th Circuit Certifies Insurable Interest Questions in Pruco Cases to the Florida Supreme Court

On February 27, 2015, the United States Court of Appeals for the Eleventh Circuit certified two important questions of Florida insurable interest law to the Florida Supreme Court. ...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

Carlton Fields

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

by Carlton Fields on

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

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