InsurTech Weekly Roundup – March 22, 2019
While you were off changing the industry, you may have missed these important developments
Read MoreTopic: Life Insurance & Annuities
New Guidance on Insurers’ Use of Big Data and Algorithms in New York
Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.
Read MoreThe Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act
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...
Read MoreNew Notice Requirement for Insurers under Florida’s Viatical Settlement Act
Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99292 Notice to life insurance policyholders, provides: “(1) A life insurer shall provide an individual life...
Read MoreFlorida may have outlawed the secondary sale of policies if at any time during the five year period post issuance there was a loan secured by the policy
Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows: (2) Except as hereinafter provided [certain life...
Read MoreFlorida may have outlawed legitimate premium finance lending
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 life...
Read MoreNew York Issues Regulation Aimed at Curtailing Life Insurance Premium Hikes
Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state.
Read MoreMassachusetts Life Settlement Legislation
After nearly being enacted last year, a bill impacting the life settlement industry in Massachusetts has been re-filed for the State’s 2017-2018 legislative session.
Read MoreWisconsin –Once a Life Insurance Policy is Issued, the Insurer cannot Invalidate the Policy for Lack of Insurable Interest
Judge Richard Posner, writing for a three judge panel for the Seventh Circuit and applying Wisconsin law, has affirmed a 2015 federal District Court decision and ruled that a STOLI policy (the original owner may not have had an insurable interest in the life of the insured), once issued by the insurer, is neither void nor voidable by the insurer for lack of insurable interest.
Read MoreFlorida Supreme Court Advises the Eleventh Circuit that A STOLI Policy Cannot Be Rescinded After the Contestability Period
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.
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