New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues. Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether
State Legislative Developments
The 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 validity of a Florida life insurance policy, even on…
New 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 insurance policyholder with a statement informing him or her that if he or she is considering making changes…
Florida 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 changing events, such as death of a spouse, divorce, retirement from full time employment, terminal or chronic illness, mental…
Florida 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 insurance practice” means an act, practice, arrangement, or agreement to initiate a life insurance policy for the benefit of a third-party…
Please Join Us for a Complimentary CLE Seminar, “What’s Happening in Springfield? Illinois Insurance Department, Industry & Legislative Updates – Regulatory and Political Hot Topics for Insurers”
Please join Locke Lord for a complimentary CLE seminar on Wednesday, October 11th from 2:00-5:00 p.m.
Program Highlights
Locke Lord’s Insurance Practices will present an informative afternoon CLE and Ethics program featuring a keynote from Jennifer Hammer, Director of the Illinois Department of Insurance. Locke Lord lawyers will present an…
Texas Service Contract Law Now Permits Key-Fob Replacement
As we previewed here earlier this year, the Texas Legislature passed legislation expressly permitting service contracts regulated by the Texas Department of Licensing and Regulation to include the replacement of a motor vehicle key or key-fob. This new law became effective September 1, 2017. A copy of the new law…
Uncertainty Surrounds New Texas Insurance Law: Divergent Views Emerge on the Impact of the Texas “Hail Storm Bill” on Hurricane Harvey Claims
Key Insurance Industry Bills Passed by Georgia Assembly in 2017 Legislative Session
By Brian Casey & Troutman Pepper Locke on
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The following are summaries some of the key legislative bills that the Georgia General Assembly adopted in its 2017 legislative regular session that affect the insurance industry. The 2017 legislative session, which ended on March 30, 2017, was the first year of the state’s…