Overview
Ann Black counsels financial services clients on a broad range of insurance, securities, and business issues. She regularly advises clients developing new and innovative life and annuity products and on the insurance and securities issues impacting those products. Ann also advises clients on the laws and regulations regarding the sale, distribution, issuance, administration, and operation of, and benefit payment practices related to, these products. Clients also seek Ann's guidance on insurtech initiatives, including the use of big data, artificial intelligence and machine learning, and tech-driven customer engagement ventures.
Many of Ann's clients develop innovative life and annuity contracts and have sought her advice on state insurance law and IIPRC requirements or limitations on the products' innovative terms and features. She regularly reviews new product specifications and works with product actuaries on the new product's pricing or risk mitigation features. She has advised on the status of insurance products as securities, as well as on the development or use of hedge funds within insurance products.
Ann counsels financial services clients on the federal and state securities and insurance regulations governing sales, marketing, and distribution of various insurance products. More recently, she has been guiding financial services clients on the impact of proposed and adopted federal and state regulation with respect to suitability, best interest, fiduciary duty, and generally the duty of care, with respect to the distribution of variable and fixed annuity products. To the extent that the distribution arrangements require new business relationships, she advises clients on the contractual issues.
She also provides litigation and regulatory risk counseling on federal and state securities issues and state insurance issues, as well as assisting on state insurance market conduct exams, regulatory investigations, and regulatory proceedings. This includes advising clients on litigation and regulatory risk relating to, and exams into, insurer practices with respect to suitability, replacements, marketing materials, underwriting, claims practices, unclaimed property, and retained asset accounts.
Ann also advises a wide variety of other clients on legal structure, formation, and contractual issues, and on securities, insurance, and derivatives regulatory matters in a variety of transactions.
Experience
Designed and advised on the status of fixed declared rate annuities with market value adjustments and fixed index annuities under Section 3(a)(8) of the Securities Act of 1933 and the Harkin Amendment.
Designed and drafted innovative life and annuity contracts, including fixed index products with unique index crediting options and guaranteed lifetime withdrawal benefits, structured index products, contingent deferred annuities or synthetic annuities to be sold with managed accounts, and bank-owned and corporate-owned life insurance contracts that include stable value features, including advising on various state and insurance issues, including insurable interest, classification as life insurance, and filing issues.
Developed suitability programs and procedures to comply with the NAIC Suitability in Annuity Transactions Model Regulation and state variations.
Assessed various distribution arrangements' compliance with the Department of Labor's amendment to the definition of fiduciary and related exemptions.
Performed risk analysis of products, sales materials, and suitability and replacement programs based on current actions by state attorneys general and insurance regulatory authorities.
Advised on and responded to attorney general and state insurance regulatory authority investigations and market conduct examinations, including subsequent litigation proceedings.
Advised on a variety of insurance regulatory matters, including point-of-sale requirements (suitability analysis, replacement requirements, and disclosures); advertising and marketing of life and annuity products, including contract summaries, life and annuity illustrations, television advertisements, and global branding campaigns; product design, including required provisions for individual and group life and annuity products and nonforfeiture issues; insurable interest; eligible groups and group coverage issues; producer, third-party administrator, and managing general agent licensing, audit, and oversight and other related regulatory requirements; and discrimination, rebating, and other unfair trade practice issues.
Negotiated and drafted various insurance service and insurance administrative contracts.
News & Insights
News
Publications
Speaking Engagements
"Innovations in Life Insurance and State Insurance Regulatory Initiatives," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 2, 2023)
Integrity Marketing Group LLC Compliance Summit (2023)
"Innovations in Insurance Product Distribution and State Insurance Regulatory Initiatives," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 3–4, 2022)
"Innovation in Insurance," Carlton Fields Client Presentation (October 6, 2022)
"Advertising Training Seminar," Carlton Fields Client Presentation (September 22, 2022)
"Training Seminar on Securities, Insurance, and Tax," Carlton Fields Client Presentation (June 2022)
"State Insurance Regulation Impact on Innovation," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 4–5, 2021)
"State Insurance Regulatory Developments," Carlton Fields (June 23, 2020)
"Fixed and Fixed Indexed Annuities and Life Insurance Products," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 6–8, 2019)
"Key Regulatory & Risk Management Issues to Watch in the Retirement Product Market," Insured Retirement Institute, Washington, D.C. (February 6, 2019)
"NAIC 'A' Committee Initiatives and the Latest Innovations in the Design, Distribution, and Administration of Fixed and Fixed Indexed Annuities and Life Insurance Products," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 8, 2018)
Pacific Life Educational Symposium (September 24–27, 2018)
"Securities Investigation and Enforcement Actions and Insurance Product Sales to Investment Advisor Clients," Association of Life Insurance Counsel Annual Meeting, Half Moon Bay, CA (May 7, 2018)
"Navigating the Insurer's Duties and Bad Faith Considerations" and "Representations and Warranty Insurance: Lessons Learned," Client Forum, New York, NY (February 28, 2018)
"Regulatory Trends in Financial Services," Carlton Fields In-House Counsel Forum, Orlando, FL (March 2017)
"Big Data: Uses, Insurer Obligations, and Ethical Issues for In-House Counsel," New York, NY (February 8, 2017)
"Innovative Fixed Rate and Indexed Annuity and Life Insurance Product Designs and Regulatory Developments," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 3, 2016)
"DOL Fiduciary Rule Implementation Workshop," Insured Retirement Institute Government, Legal & Regulatory Conference, Washington, D.C. (June 8, 2016)
"Big Data: Practical Problems, Proposed Solutions, and Ethical Considerations," Client Focus Forum, Denver, CO (October 19, 2015)
"Index Annuity and Life Product Trends and Issues," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 2013)
"Advanced Forum on Key Litigation and Regulatory Issues Impacting the Financial Services Industry: Consumer Financial Protection Bureau Impact on Insurers; NAIC Review of Separate Account Funded Products; NAIC Review of Captives and Reserve Requirements for UL Policies With Secondary Guarantees and for Term Life Policies; NAIC ERISA Retirement Income Working Group" (December 12, 2012)
"Advanced Forum on Key Litigation and Regulatory Issues Impacting the Financial Services Industry: State Securities Departments; Suitability — State and FINRA; Replacements; Tips for Conducting a Mock Regulatory Inspection; Consumer Financial Protection Bureau Impact on Insurers; Reinsurance Regulation — Captives and SPVs" (October 23, 2012)
"Advanced Forum on Key Litigation and Regulatory Issues Impacting the Financial Services Industry: Unclaimed Property; Marketing and Disclosure Issues — Suitability; Annuity Disclosure Model Act and NAIC Disclosures Best Practices; Replacements; Consumer Financial Protection Bureau Impact on Insurers; Reinsurance Regulation" (September 17, 2012)
"State Regulation of Annuities and Insurance," ALI CLE Conference on Life Insurance Company Products, Washington, D.C. (November 2009)
"Litigation Update," American Council of Life Insurers Compliance & Legal Sections Annual Meeting (July 2008)
"What Not to Do When Developing Your Sales Programs: Recent Trends in Litigation and Compliance," American Bankers Insurance Association (September 2007)
"Update on Evolving Litigation Issues Confronting Life Insurers: A Look Over the Shoulder as a Precursor of Things to Come," American Council of Life Insurers Conference (July 2006)
"Independent Marketing Organizations' Roundtable," Sun Life Financial Distributors Inc. (June 2005)
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Recognition
Honors & Recognitions
The Best Lawyers in America (2023–2027)
Top Author, Insurance, JD Supra Readers Choice Awards (2019–2020, 2023–2026)
Stand-Out Lawyers, Thomson Reuters (2022–2026)
Legal Elite Notable Women Leaders in Law, Florida Trend (2026)
No aspect of this advertisement has been approved by the highest court of any state. See Awards Methodology.
Professional & Community Involvement
Professional & Community Involvement
Ann is a member of the Association of Life Insurance Counsel, where she previously chaired and served as vice chair of its Securities Committee. She is also a member of the American Bar Association and a former board member and secretary of the National Association for Fixed Annuities.
Beyond the Bio
Ann has spent her career helping insurers bring new kinds of life and annuity products to market. She co-chairs the firm's Life, Annuity, and Retirement Solutions Industry Group and has written more than 200 articles and insights for the firm's Expect Focus publication on insurtech, artificial intelligence governance, and annuity product innovation.
Ann is a former certified public accountant. At the University of Florida College of Law, she was inducted into the Order of the Coif.
Related Capabilities
Bar Admissions
Education
J.D., with honors, University of Florida College of Law
M.S., with honors, University of Florida
B.S., with honors, University of Florida
