April 2023 – Page 4

Punitive Damages 1997 – LR – Punitive Damages Reform: The Case of Alabama, by George L. Priest – 17p Gallant v. Prudential 27. Gallant v. Prudential Life Ins. Co., Barbour County, AL, CY·93-S0 (1994) Ferguson v Crown Life

2023 – IAIS – Draft – Issues Paper on roles and functioning of Policyholder Protection Schemes (PPSs) 2023 – IAIS – Draft – Issues Paper on roles and functioning of Policyholder Protection Schemes (PPSs) – 48p This Paper was developed as a follow-up to the “Issues Paper on Policyholder Protection Schemes” that was published in October 2013…

Ferguson v. Crown Life / Casteel – 91-11537 Crown Life v. Casteel – 98-0218 Case No. D-1-GN-91-011537 Two weeks ago in the National Underwriter, there was a report of the working group’s meeting in Philadelphia, and on the same page was a writeup about an agent who had won a very large amount of money from…

American Banker 2014 – Mercatus / American Banker – AIG’s Collapse: The Part Nobody Likes to Talk About, Hester Peirce – [link] p119-120, 2017 1024 – GOV (House) – The Federal Government’s Role in the Insurance Industry, Sean Duffy (R-WI) — [BonkNote] 1996 0102 – American Banker – A life insurance time bomb in trust – and how to defuse…

Lawsuits Law – Index Legal Cases – Index Legal Cases – Snippets – Other There are problems waiting to emerge that will be uncovered by lawsuits, not the regulators, or by the media. Consider life insurance market conduct abuses of a decade ago. The largest life insurers told people their premiums would disappear, and confused…

New York – Regulations 210 213 1972 02 – SOA – Section 213, by Daniel J. Lyons – The Actuary, Society of Actuaries – 3p Agents have complained that old policyholders have not been getting adequate service, that their renewal commissions do not take into account the inflation that has occurred since the business was…

Principal – Agent Crown Life v Casteel 2023 – FSRA – Consultation www2.imms.com/members/3rdparty/AmerCol/legalbook/chap16c.htm [Principal-Agent] The rule in this Commonwealth has long been that “where limitations on the soliciting agent’s authority are contained in the application, the insured is bound to take notice thereof and he cannot hold the company bound for acts of the agent…

Deceptive Trade Practices Deceptive DTPA – Deceptive Trade Practices Act Crown v Casteel 2000 – LR – Deceptive Trade Practices – Consumer Protection Act, by A. Michael Ferrill and Leslie Sara Hyman – 35p In Metropolitan Life Insurance Co. v. Haney,8 a life insurance agent brought DTPA claims against MetLife complaining of inaccurate policy illustrations generated…

Contract 1979 Fall – AP – Explanation of the Aleatory Aspect of the Insurance Contract with Reference to Risk Theory, by Salama A. Salama, The Journal of Insurance Issues and Practices, Vol. 3, No. 1 (FALL 1979), pp. 61-76 (16 pages), Published By: Western Risk and Insurance Association The problem Almost all insurance textbooks and other…

Restructuring Mechanisms Working Group – NAIC content.naic.org/cmte_e_res_mech_wg.htm 2023 0404 – NAIC – RESTRUCTURING MECHANISMS (E) WORKING GROUP – 124p O’Sullivan said that on the life side, the inquiry can be relatively narrow and that likely a due diligence, factual inquiry rather than a traditional legal opinion may not be needed. Superintendent Dwyer suggested that while it…