HSBC Focuses on Bancassurance in Emerging Markets as Its Competition Changes

By Iris Lai, News Bureau Manager of Hong Kong, A.M. Best HONG KONG (BestWire) - HSBC Insurance, a subsidiary of HSBC Holdings plc, sees no significant impact from a flurry of acquisitions and consolidation moves triggered by the divestiture of American International Group Inc.'s life insurance...

Manulife, Munich Re Team Up to Tap Hong Kong's Changing Health Care Market

By Rebecca Ng, News Editor, A.M. Best HONG KONG (BestWire) - Proposed government-driven medical reforms together with an aging population and rising medical costs in Hong Kong is generating a new business model for group life and medical insurance segments among international companies in the wake...

Manulife, Munich Re Team Up to Tap Hong Kong's Changing Health Care Market

By Rebecca Ng, News Editor, A.M. Best HONG KONG (BestWire) - Proposed government-driven medical reforms together with an aging population and rising medical costs in Hong Kong is generating a new business model for group life and medical insurance segments among international companies in the wake...

New Hampshire Restricts STOLI Transactions

New Hampshire Governor John Lynch (D) signed HB 660 into law which enacted life settlement legislation in New Hampshire effective June 14, 2010 (the "Act"). The Act is primarily based on the National Association of Insurance Commissioners' model, and, among other things, imposes restrictions...

The Law of Life and Health Insurance

The Law of Life and Health Insurance

Impact of the New Federal Financial Regulatory Reform Law on Life Insurance

By SNR Denton On July 21, 2010, after several weeks of deliberations in the Senate and the House of Representatives, President Obama signed HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. Of most importance to life insurers, HR 4173 does not alter the current state...

IIPRC Product Standards

By Cande Olsen, Vice President, Actuarial Resources Corporation of Georgia Introduction This article will explain how the Interstate Insurance Product Regulation Commission (IIPRC or the Commission) product standards development process works, and will then give some important highlights...

5 Simple Keys To Making An Interstate Insurance Compact Filing

By: Sean Cox, First Consulting & Administration, Inc. Have you been thinking about using the Interstate Insurance Compact to file your Life or Annuity product? Are you curious what is involved in making the actual filing? The following article will describe some tips for successfully submitting...

Principal Life Insurance Co. v. Rucker: Carrier Wins Substantial Victory in Beneficial Interest/STOLI Transaction Case

By Stephan Leimberg and Howard Zaritsky The decision in Principal Life Ins. Co. v. Lawrence Rucker 2007 Ins. Trust, 2010 U.S. Dist. LEXIS 89243 (D. Del. Aug. 30, 2010) is important for three reasons. First, most of the prior insurer victories have been limited to surviving a motion to dismiss,...

Principal Life v. Mosberg - STOLI on the Rocks

By Stephan Leimberg and Howard Zaritsky The story below concerns yet another case of "STOLI ON THE ROCKS." EXECUTIVE SUMMARY: A U.S. District Court held that insurable interest was lacking in the purchase of a life insurance policy and that it was therefore void from inception. Principal...

Ashkenazi v. AXA Equitable Life – Policies Procured by Fraud

By Stephan Leimberg and Howard Zaritsky "life insurance is designed to replace or preserve wealth or income that is lost due to an insured's death, rather than create wealth or income." Ashkenazi v AXA Equit. Life Ins. Co., 2009 NY Slip Op 33111U (N.Y. Sup. Ct. Dec. 16, 2009) , provides...

New Appleman on Insurance: Current Critical Issues Article Has Been Published in the Spring 2011 Issue of ABA publication, The Brief

The article is "Illicit Life Settlements" by Michael Lovendusky. The article addresses the systematic acquisition and transfer of life insurance policies to investors without insurable interest in the insureds' lives is a controversial activity. The systems encourage illicit schemes for...

Unpaid Insurance Benefits Issues Continue to Intensify

By Phil Stano, Partner, Sutherland Asbill & Brennan LLP Attention to unclaimed property issues affecting life insurance companies – including issues relating to unpaid life insurance and annuity benefits – has significantly escalated in recent weeks, due to regulatory actions, media...

Wager On Life Is Void -- Insurance Requires Insurable Interest

By Barry Zalma, Attorney and Consultant It is the essence of insurance that for insurance to exist the person insured must have an insurable interest in the property or life insured. Life insurance insurable interest can be defined as an interest based upon a reasonable expectation of pecuniary...

2011 in Review: 10 Biggest Insurance Regulatory Headliners

By Fred E. Karlinsky, Richard J. Fidei, and Elizabeth M. Fohl, Attorneys, Colodny, Fass, Talenfeld, Karlinsky & Abate Fred E. Karlinsky, Richard J. Fidei, and Elizabeth M. Fohl of the law firm of of Colodny, Fass, Talenfeld, Karlinsky & Abate have written a round-up of the ten most important...

The Supreme Court's Decision in Hillman v. Maretta: The Perils of Beneficiary Designation

By Professor by Leo P. Martinez Hillman v. Maretta , decided by the U.S. Supreme Court on June 3, 2013 [ enhanced version available to lexis.com subscribers ], illustrates the intricacies of the constitutional preemption doctrine and the difficulty of accounting for human behavior. The case, decided...

coffin

California Announces Death Master settlement with ING

Conduct exam of a second insurer finds MassMutual using Death Master Database properly Insurance Commissioner Dave Jones has announced that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with ING over the insurer’s use of...

Insurance Commissioner Announces Death Master settlement with Aegon

Insurance Commissioner Dave Jones announced today that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with Aegon over the insurer's use of the Social Security Administration's Death Master File database to ensure policyholders...

N.Y. Insurance Regulator Rejects Industry Standard for Establishing Reserve Requirements

By the Ballard Spahr LLP Insurance and Consumer Financial Services Groups The Superintendent of the New York State Department of Financial Services (DFS), Benjamin M. Lawsky, has informed his fellow state insurance regulators in the National Association of Insurance Commissioners (NAIC) that New...

Life Insurance on Bag of Money

Settlement Reached in Death Master Case with New York Life Insurance Company

California Insurance Commissioner Dave Jones announced today that the California Department of Insurance has, with other state insurance regulators, reached a settlement agreement with New York Life Insurance Company over the insurer's use of the Social Security Administration's Death Master...

Pay a Million for Nothing: Sufficient Notice of Premium Due

Cash Surrender Value Life Insurance On Old Person Not a Bargain Conseco Life Insurance Company’s predecessor issued a flexible premium life insurance policy to Johnston & Johnston on the life of Mary Ann D. Johnston in 1988. The Policy’s cash surrender value dropped below zero dollars...

Another Multistate Settlement Reached in Death Master Case - Genworth Life Insurance Agrees to Business Practice Reforms

The California Department of Insurance has announced that along with other state insurance departments, they have reached a settlement with the Genworth Life Insurance Company over the insurer's use of the Social Security Administration's Death Master File database. The settlement ensures protection...

Life Insurance Remedies: May a Living Insured Recover Damages for an Insurer's Failure to Provide a Required Grace Period Notice?

In Life Insurance Remedies: May a Living Insured Recover Damages for an Insurer’s Failure to Provide a Required Grace Period Notice?, by Michael P. Cunningham of Funk & Bolton, P.A., the author notes that most attorneys practicing in the area of life insurance have likely encountered cases...