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Answering to the Regulators
Insurance companies, like any other segment of today's fragile economy, have shareholders, creditors, insureds, and regulators to whom they are answerable. They are hardly immune from the ups and downs of so-called new economy companies, nor the more time-tested old economy companies. As such, what is the likely result from a jurisdictional and regulatory standpoint of an insurance company seeking relief by the filing of a bankruptcy proceeding? At first glance, the answer seems quite simple. Pursuant to 11 USC Section 109(b)(2), domestic insurance companies are not eligible to be debtors under Chapter 7. That having been said, what has happened in the Conseco bankruptcy proceedings and in other 'insurance' bankruptcy proceedings are worth reviewing.
Most insurance companies are regulated and licensed by state governments and must fulfill certain reporting requirements and meet certain financial standards. Typically, a state will have a division of insurance or a department or agency of insurance. What complicates the cross-over of a regulatory and bankruptcy analysis is that insurance companies have migrated over the past decade or two into so many other businesses and are typically viewed today as full-service financial companies. Conseco is the classic 'holding' company with a wholly-owned entity that is an insurance company.
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The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
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Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.