While STOLI cases tapered off during the last few years, there were several important cases decided in 2019.
The U.S. life settlements alternative asset investment industry dealt with a fairly slow year in 2019 with regard to legislative changes. Similar to 2018, there were only a few occurrences of legislative change; however, there were additional, considerable changes in the realm of stranger-originated life insurance cases, progression of cost of insurance litigation, further implementation of key Internal Revenue Code changes and new privacy and data security laws affecting buyers and traders of in-force life insurance policies. This white paper discusses Stranger Originated Life Insurance (STOLI)/insurable interest litigation, TCJA/reportable acquisitions of life insurance policies, and the cost of insurance litigation.
Agenda
Faculty
Thomas D. Sherman
Locke Lord LLP
- Of Counsel in the office of Locke Lord LLP
- Practice emphasizes all aspects of the purchase and sale of life insurance policies, sellers, life settlement providers, life settlement brokers, individual investors, life settlement funds, securities intermediaries, insured tracking firms and others
- Conducts regular seminars and workshops on numerous topics, including life settlements, examples include Compliance Track: An Update of Federal Tax Provision Changes: Reporting Requirements, speaker, Life Insurance Settlement Association (LISA) 24th Annual Fall Life Settlement & Compliance Conference, October 23, 2018; and An Update of Federal Tax Provision Changes: Reporting Requirements, speaker, Life Insurance Settlement Association (LISA) 24th Annual Spring Life Settlement Conference, Washington D.C., May 8, 2018
- Written several publications related to the areas of insurance including, co-wrote, "Locke Lord QuickStudy: United States District Court N.D. Illinois, Western Division Sun Life Assurance Company of Canada, Plaintiff, vs. Wells Fargo Bank, N.A., et al., Defendants. Case No. 17 C 06588," Locke Lord LLP, April 13, 2020; co-wrote, "Locke Lord QuickStudy: Jackson National Life Insurance Company vs. Sterling Crum," Locke Lord LLP, March 24, 2020; co-wrote, "Looking Back at the Life Settlements Industry in 2019," January 21, 2020; co-wrote, "Locke Lord Quick-Study: Reportable Policy Sales - IRC Section 6050Y - Timing for Reporting to the IRS on Form 1099-LS Copy A, providing statements to issuing Life insurance Companies on IRS Form 1099-LS Copy C and to Payment Recipients on Form 1099-LS Copy B," Locke Lord LLP, January 2, 2020; and co-wrote, "Life Settlements Industry Hot And Cold On New IRS Rules," Law360, November 21, 2019
- Member, Life Insurance Settlement Association (LISA) and State Bar of Georgia
- J.D. degree, cum laude, University of Michigan Law School; B.B.A. degree, Beta Alpha Psi Honorary Accounting Fraternity, University of Michigan
- Can be contacted at 404-870-4672 or [email protected]
Brian Casey
Locke Lord LLP
- Partner in the office of Locke Lord LLP
- Practice emphasizes all aspects of corporate, merger and acquisition, corporate and structured finance and other transactional and regulatory matters for corporate clients in the insurance, financial services and health care industries
- Conducts regular seminars and workshops on numerous topics, including life settlements, examples include Current Trends in Litigation, speaker, Life Insurance Settlement Association (LISA) 25th Annual Fall Life Settlement & Compliance Conference, Oct. 13-15, 2019; Direct to Consumer Marketing Techniques, panelist, The Life Settlements Conference 2019, Sept. 10, 2019; and Investment Structures in Ireland and Luxembourg–Comparison and Contrast, speaker, LISA 9th Annual Life Settlement Institutional Investor Conference, Jan. 28, 2019
- Wrote numerous publications related to the areas of insurance, recent examples include, co-wrote, "Locke Lord QuickStudy: United States District Court N.D. Illinois, Western Division Sun Life Assurance Company of Canada, Plaintiff, vs. Wells Fargo Bank, N.A., et al., Defendants. Case No. 17 C 06588," Locke Lord LLP, April 13, 2020; co-wrote, "Changes State Insurance Regulators Are Making For COVID-19," Law360, March 30, 2020; co-wrote, "Locke Lord QuickStudy: Jackson National Life Insurance Company vs. Sterling Crum," Locke Lord LLP, March 24, 2020; co-wrote, "Locke Lord QuickStudy: As Companies Seek Alternative Ways to Sign Contracts and Other Records During COVID-19 Pandemic, E-Processes Take Center Stage," Locke Lord LLP, March 18, 2020; and co-wrote, "Top 10 Insurance Laws And Regulations Of The Decade," January 28, 2020
- Membership information includes Board of Directors, Life Insurance Direct Marketing Association (LIDMA) (2006 - present); Board of Directors, Life Insurance Settlement Association (LISA) (2002 - 2013, 2019 - present); member, Executive Committee, European Life Settlement Association (2014 - present); Board of Directors, Life Settlement Association of Canada; and member, Association of Alabama Life Insurance Companies (2002 - present)
- Named The Best Lawyers in America® for Insurance (2018 - 2020); named in the List of the 100 Most Powerful People in the Insurance Industry - North America (2002 - 2010); and named, Ten Most Influential People in Life Settlements, Life Settlement Review (2008 - 2010)
- LL.M. degree in taxation, Emory University School of Law; J.D. degree, The Ohio State University Moritz College of Law; B.A./B.S. degrees in accounting, summa cum laude, Auburn University
- Can be contacted at 404-870-4638 or [email protected]
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