Worldwide: Insurance

The State of Michigan has approved new laws requiring health insurance companies to cover the diagnosis and treatment of autism spectrum disorders (Public Acts 99 and 100 of 2012, enacted on April 18, 2012).

The State of Michigan has approved new laws requiring health insurance companies to cover the diagnosis and treatment of autism spectrum disorders (Public Acts 99 and 100 of 2012, enacted on April 18, 2012).

The U.S. District Court for the Northern District of California, in an opinion dated May 24, 2012, holds that Section 3 of the Defense of Marriage Act, which defines "marriage," is unconstitutional to the extent that it limits same-sex couples from participation in the long-term care insurance program maintained by the California Public Employees’ Retirement System.

Broadly, the proposed reduction in reporting requirements will be welcome, especially for transactions classified as "private securitisations" (although the detail of such changes will not be available for some time).

U.S. life carriers engaging in "asset intensive reinsurance transactions" should consider new requirements for reporting and actuarial testing...

In the US, insurance is regulated almost exclusively at the state or territory (rather than the federal) level.

The United States District Court for the Southern District of West Virginia, applying West Virginia law, has held that an insurer was entitled to rescind an insurance policy based on the insured's misrepresentations regarding disciplinary complaints and potential claims in a renewal application.

Broadly, the proposed reduction in reporting requirements will be welcome, especially for transactions classified as "private securitisations" (although the detail of such changes will not be available for some time).

Life insurance isn't just about a death benefit anymore. It can be a powerful financial tool that plays a vital role in legacy planning, tax efficiency, and even cash flow.