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Before closing its legislative session on May 2nd, the Florida House and Senate unanimously approved Senate Bill 648 (“SB 648” or the “Bill”) addressing insurable interest requirements with respect to life insurance policies.  The Bill is different from the NAIC and NCOIL Viatical Settlement Models, but addresses many of the same issues surrounding stranger owned life insurance arrangements (“STOLI”). 

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Read More Florida Insurable Interest Bill Passes the House and Senate

Before closing its legislative session on May 2nd, both of Florida’s legislative chambers unanimously approved Senate Bill 2082 (“SB 2082” or the “Bill”) addressing suitability in annuity sales.  The Bill is based on the NAIC Suitability in Annuity Transactions Model Regulation, as amended in 2006, which requires that life insurance companies ensure that their annuity products are marketed and sold to suitable parties. 

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Read More Florida Approves Annuity Suitability Bill

The Second Circuit Court of Appeals recently ruled that a putative securities class action brought under New York’s state consumer fraud law should be removed to federal court under the Class Action Fairness Act of 2005 (CAFA). 

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Read More Issue of First Impression: Second Circuit Holds That Federal Court Has Jurisdiction Over New York State Consumer Fraud Law Claim Under CAFA

On May 8, the Alabama Legislature passed a bill that will open the residential homeowners’ insurance market along the Alabama coast to captive insurance companies by allowing them to write direct business in certain areas.  The move is intended to increase capacity in that market by allowing coastal cities or other groups to form their own insurance companies. 

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Read More Alabama Passes Captive Bill

The Delaware Chancery Court recently held that a corporation could unilaterally amend its by-laws to limit or repeal a director’s advancement right, provided that the director’s advancement right had not already vested prior to such amendment. …
Read More Delaware Chancery Court: Corporation May Unilaterally Limit or Repeal Director’s Right to Advancement