The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted market. For example, a growing number of states have either expressly or indirectly allowed for accident and health coverage to be written through the surplus lines market, and the National Association of Insurance Commissioners released guidance earlier this year advising the states on how to effectively legislate for the expansion of insurance lines that may be written on a surplus lines basis.

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.

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 validity of a Florida life insurance policy, even on

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 insurance policyholder with a statement informing him or her that if he or she is considering making changes

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 changing events, such as death of a spouse, divorce, retirement from full time employment, terminal or chronic illness, mental

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 insurance practice” means an act, practice, arrangement, or agreement to initiate a life insurance policy for the benefit of a third-party

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.  In particular, the regulation allows the NYDFS to review any increase and to

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. The Florida Supreme Court rephrased (and conflated) the 2 questions and stated the issue to be, “Can a party challenge the validity of a life