In our previous posts highlighting the use of NFT(s) as collateral, we mentioned that the lack of insurance for NFT(s) might become a factor that alters the risk allocation arrangement commonly adopted in a conventional secured financing setting.
This month’s Friday Five covers cases relating to a claimant’s second chance when a lawyer misses a court deadline, whether certain voluntary benefits fall within a broader ERISA plan, a court deciding that an insurer was “probably not wrong,” judicial reconsideration to mold the time period for benefits awarded, and an insurer’s duty to consider particular hazards of a claimant’s occupation.
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting securities does not necessarily mean that the acquirer (1) is not a “controller” and (2) does not have to submit a Form A application to the insurer’s home state or domestic regulator seeking approval for the change of control. This topic is one of several related matters that various committees, task forces and working groups of the National Association of Insurance Commissioners (NAIC) are studying and will continue to study over a multiyear period (the Project).
If anyone believed that the US Securities and Exchange Commission’s (SEC) release of proposed climate change-related disclosure requirements last month might have been an isolated matter, of immediate importance only to the approximately 110 insurers that are SEC registrants, developments during the past month paint a different picture. In early April, state insurance regulators in favor of requiring insurers to provide climate risk disclosure in line with the SEC’s direction achieved only partial success; however, last week, Connecticut joined New York by proposing a comprehensive climate change regulatory framework for insurers.
On April 19, 2022, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 5, reminding owners and potential purchasers of shares of insurance companies that acquiring less than 10% of the company’s voting securities is not necessarily a safe harbor from requiring regulatory prior approval.
Following in the footsteps of the District of Columbia, the Maryland law will create a mandatory statewide benefit that will be funded by payroll taxes. In contrast, the Virginia law will create a voluntary benefit program whereby employers may choose to purchase insurance plans to provide paid family and medical leave benefits to employees if they so wish.
“Environmental, Social, and Governance,” often referred to as “ESG,” are core themes currently circulating throughout the insurance industry – and they are likely to remain an important focus of the insurance industry for many years to come.
This month’s Friday Five covers cases relating to: (1) whether claim administrators can recover overpayments through a breach of contract claim under state law; (2) whether claim administrators can rely solely on a claimant’s medical records for a benefits determination; (3) what evidence supports the standard that claim administrators apply versus their mechanism for conducting an investigation; (4) whether an insufficient independent medical examination serves as grounds for overturning a benefits decision; and (5) how a court will interpret policy language that provides a limitation for disability caused or contributed to by mental or nervous disorders.
After a variety of promises concerning climate change-related regulatory development activity last year, forward movement has been relatively slow.
On May 18, 2022, the U.S. Court of Appeals for the Fifth Circuit issued its decision in Jarkesy v. Securities and Exchange Comm’n, in which it examined the constitutionality of an agency civil money penalty enforcement proceeding.
On May 13, 2022, the U.S. Treasury (“Treasury”) released its 2022 Strategy for Combatting Terrorist and Other Illicit Financing (“2022 Strategy”). The proposed 2022 Strategy, prepared pursuant to Sections 261 and 262 of the Countering America’s Adversaries Through Sanctions Act (CAATSA), outlines four goals to address the key risks identified by the 2022 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments:
Following consumer trends and fueled by the pandemic and related loosening of restrictions on in-state retailer alcohol delivery regulations, the marketplace for alcohol delivery services has expanded exponentially over the last several years and shows no signs of slowing down.
On 1 August 2022, the Act implementing the EU Directive on Transparent and Predictable Working Conditions (the Act) likely will enter into force, as EU Member States have until that date to implement the directive into their own national laws.
On March 21, 2022, the U.S. District Court for the Eastern District of Tennessee invalidated Notice 2016-66 for failing to comply with the Administrative Procedure Act (APA) and granted broad injunctive relief requiring the IRS to return to taxpayers and material advisors the documents and information obtained improperly under the Notice.
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