By Stephan Leimberg and Howard Zaritsky In a case certified to it by the U.S. Court of Appeals for the Second Circuit, the highest court in New York held in a 5-2 decision that New York's insurable interest rules didn't prohibit an insured from... Read More
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... Read More
By Stephan Leimberg and Howard Zaritsky In a case certified to it by the U.S. Court of Appeals for the Second Circuit, the highest court in New York held in a 5-2 decision that New York's insurable interest rules didn't prohibit an insured... Read More
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... Read More
By Stephan Leimberg and Howard Zaritsky In LISI Estate Planning Newsletter #1655, Howard Zaritsky provided members with his analysis of what appeared to be the first reported “STAT” decision, W. Reserve Life Assur. Co. v. Conreal LLC, 2010... Read More
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... Read More
By Stephan Leimberg and Howard Zaritsky "Investors who are interested in STOLI arrangements should consider that the insurers are litigating all of these cases that they discover, and that they are investigating policy claims carefully to discover... Read More
By Stephan Leimberg and Howard Zaritsky "where the insurer is induced to enter into a contract for insurance by the actual fraud of the insured, the insurer is not required to return the premiums paid." The reasoning is that "a contrary... Read More
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... Read More
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'... Read More