Policy cancellations: You can’t fire me – or can you?

Wed Dec 31st, 2014 on     Insurance Law,    

The enrollment period for health insurance under the Affordable Care Act closes at noon today. Chances are good that those of us who have put this off to the very last minute will have a tremendous sense of relief when it’s finally taken care of. There is a certain comfort that comes from knowing that your insurance is in place for another year.

You were elected to the board of directors? Gee, that’s … um … p2

Wed Nov 12th, 2014 on     Insurance Law,    

Power and responsibility may come at a price: liability. Serving on the board of directors or as an officer of a for-profit or nonprofit organization may be lucrative or rewarding or both, but the positions also carry risk for the individual. Think about Enron: When the company imploded, officers and directors scrambled to prepare for lawsuits and criminal charges against them personally and as a group, even if they knew they had done nothing wrong.

You were elected to the board of directors? Gee, that’s … um …

Fri Nov 7th, 2014 on     Insurance Law,    

There is a naysayer in every crowd. When you buy a fancy new car, your first indulgence in a long time, one of your friends or coworkers will point out that the car lost a third of its value the second you drove off the lot. When you buy your first house, that same person, who just happened to purchase a home last year, will not congratulate you. He will kill your excitement by tossing in a “Just wait ’til you have to replace the roof” comment.

Parasailing insurance regulations come in for a landing p2

Sat Oct 11th, 2014 on     Insurance Law,    

We are discussing a Florida law about parasailing that went into effect on Oct. 1. The law requires a commercial parasailing vessel operator to carry personal injury liability insurance, with limits of $1 million per occurrence and $2 million per year. The Legislature did not stop there in its effort to protect consumers.

If it walks like a STOLI … it could be a scam

Tue Jul 22nd, 2014 on     Insurance Law,    

We are finishing up our discussion of stranger-originated life insurance policies. If history has taught us anything, it is that the idea is fraught with risk — and not the kind of risk insurance companies like to take on. When we left off, we were going through some of the ways STOLIs can actually harm the seniors involved.

If it walks like a STOLI and talks like a STOLI … p2

Sat Jul 19th, 2014 on     Insurance Law,    

The concept of insurable interest does not come up often in day-to-day discourse. Even for the Florida Office of Insurance Regulation, it must be rare to sit in meetings devoted to questions of insurable interest. A few years ago, however, that was not the case. The subject came up when the OIR launched an investigation into stranger-oriented life insurance schemes, or STOLIs.

If it walks like a STOLI and talks like a STOLI …

Mon Jul 14th, 2014 on     Insurance Law,    

The Florida Office of Insurance Regulation looked at third-party, or “stranger-originated life insurance” in some detail before faced with the Pasco County offer. The OIR researched the issue in-depth in 2010 — even holding a public hearing in August that year. Stranger-originated life insurance policies, shorthanded in the industry as STOLIs, had come onto regulators’ radar all over the country a few years earlier, when insurance companies had noticed a decided increase in the number of STOLIs being sold.

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