21 Richard M. Eittreim is a partner at McCarter & English LLP in Newark, New Jersey. Robert D. Phillips is a partner at Reed Smith LLP in Oakland, California. This article is based in part upon a similar presentation made by Messrs. Phillips and Ettreim at the ABA TIPS Life Insurance Mid-Winter Meeting in January 2005. Jennifer M. Rosa is an associate at McCarter & English, and Eugenia S. Chern is an associate at Reed Smith’s Oakland office. Mr. Phillips also wishes to thank summer associate...