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|NAIC Life Actuarial (A) Task Force Approves Revisions to Actuarial Guideline 49 for Exposure and Comment|
Eric A. Arnold, Frederick R. Bellamy, Thomas E. Bisset, Dodie C. Kent, Clifford E. Kirsch; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 27, 2016On October 20, the NAIC Life Actuarial (A) Task Force (LATF) of the Life Insurance and Annuities (A) Committee met and approved proposed revisions to Actuarial Guideline 49 (AG 49) for exposure and comment. If adopted, the proposed revisions would apply AG 49’s standards for determining the...
|IRS Provides Guidance on Reasonable Mortality Charges for Life Insurance Contracts Based on 2017 CSO Tables|
Dennis L. Allen, Thomas A. Gick, Michael R. Miles, Mary E. Monahan, William R. Pauls; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 26, 2016On October 19, the Internal Revenue Service (IRS) issued an advance version of Notice 2016-63, addressing the “reasonable mortality charge” requirement under IRC §§ 7702 and 7702A for life insurance contracts based on the 2017 Commissioners’ Standard Ordinary (CSO)...
|Court Reverses Punitive Damage Verdict Against Insurer|
Jones Skelton Hochuli P.L.C.;
October 25, 2016, previously published on September 29, 2016A motorcyclist was injured when he slammed into a car that had stopped abruptly in front of him. Although the driver of the car was uninsured, the motorcyclist had uninsured motorist coverage. The motorcyclist’s insurer denied the claim, however, because it concluded the motorcyclist was...
|Canadian Bank Regulators Clarify Promotion of Comprehensive Credit Insurance in Bank Branches|
Jeffrey S. Graham, Jill E. McCutcheon, Kelly J. Morris, Samantha Tom; Borden Ladner Gervais LLP;
October 20, 2016, previously published on October 13, 2016The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance (“CCI”) within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the...
|Weathering the Storm: Five Tips for Maximizing Insurance Recoveries for Hurricane Matthew Losses|
Edward M. (Ed) Joyce, Jason B. Lissy; Jones Day;
October 12, 2016, previously published on October 2016With Hurricane Matthew having pummeled certain islands in the Caribbean and much of the southeastern seaboard of the United States, businesses will soon look to secure insurance recoveries for the estimated billions of dollars in property damage and business income losses left in its wake. While...
|Third Circuit Affirms Summary Judgment for Nationwide in Bad Faith Case|
Charles E. Haddick, Bryon R. Kaster; Dickie, McCamey & Chilcote, P.C.;
October 11, 2016, previously published on October 6, 2016In Bodnar, et al. v. Nationwide Mutual Insurance Company, No. 15-3485 (3d Cir., October 4, 2016), the Plaintiffs alleged that Nationwide was guilty of bad faith in the investigation of whether or not the work-related death of an employee of its insured was covered or barred by the terms of the...
|Florida: Insurer Liable For Attorneys' Fees Without Finding of Bad Faith|
Charles E. Haddick; Dickie, McCamey & Chilcote, P.C.;
October 7, 2016, previously published on October 3, 2016The Supreme Court of Florida has ruled that Omega Insurance can be held liable for the payment of an insured’s attorneys’ fees following the wrongful denial of a sinkhole claim, and that bad faith is not a prerequisite to such an award, in Johnson v. Omega Insurance Company, SC14-2124.
|First-Ever: Cybersecurity Regulations Released by New York Department of Financial Services|
Duane Morris LLP;
October 5, 2016, previously published on September 16, 2016After surveying nearly 200 of its regulated banking and insurance companies for industry insight, the New York Department of Financial Services (the “NYDFS”) proposed a first-ever, cybersecurity regulation, on September 13, 2016, to protect against the growing threat of cyber-attacks....
|Unclaimed Property Disputes Over State Priority Take Center Stage, Head to U.S. Supreme Court and the Third Circuit|
Wilson G. Barmeyer, Joseph A. Ficarrotta, Phillip E. Stano, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
October 5, 2016, previously published on October 5, 2016Disputes over the unclaimed property priority rules continue to intensify. The U.S. Supreme Court accepted review of a clash involving more than 20 states regarding the right to take custody of official checks. Meanwhile, a holder will appeal a federal district court’s decision that Delaware...
|STOLI Scheme Saved By Expiration of Contestability Clause|
Wilson G. Barmeyer, Kristine M. Ellison, Phillip E. Stano, Steuart H. Thomsen, Gail L. Westover; Sutherland Asbill & Brennan LLP;
October 5, 2016, previously published on October 4, 2016On 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 purchased under a stranger-originated life insurance (STOLI) scheme because...