Legislative, Regulatory, Judicial and Accounting Developments

January 2009

  • REGULATORY DEVELOPMENTS
    • Second Tranche of TARP Funds Will be Released to Treasury
    • TARP 2.0
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 251 – Life Insurance Employee Notification Act
  • OTHER DEVELOPMENTS
    • Houston Lawyers – Possible BOLI Class Action Lawsuits
    • NAIC Conduct Public Hearing Regarding ACLI Capital Plans
    • Government Accountability Office Tax Shelter Report

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February 2009

  • REGULATORY DEVELOPMENTS
    • New Treasury Executive Compensation Guidelines
    • Financial Stability Plan
    • Forward Looking Economic Assessments
  • ACCOUNTING DEVELOPMENTS
    • FSP FAS 107-b and APB28-a
    • New SEC Report on Fair Value Accounting Possible (H.R. 607)
    • FASB Initiates Fair Value Projects
    • International Accounting Standards Committee Creates New Board
    • SEC Final Rule on Interactive Data to Improve Financial Reporting
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 1 – The American Recovery and Reinvestment Act (ARRA)
    • S. 344 – Hedge Fund Transparency Act of 2009
    • Proposed National Insurance Consumer Protection and Regulatory Modernization Act
  • JUDICIAL DEVELOPMENTS
    • Johnson v. Amegy Bank NA (Texas)
    • Havenstrite v. Hartford Life Insurance Company
  • OTHER DEVELOPMENTS
    • Fifth Third Bancorp Update
    • Royal Bank of Canada Update
    • State Insurance Departments Provide Capital and Surplus Relief
    • SEC Issues Final NRSROs Rules

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March 2009

  • REGULATORY DEVELOPMENTS
    • Term Asset-Backed Securities Loan Facility (TALF)
    • Treasury Proposes Legislation for Resolution Authority
    • Federal Reserve Delays Effective Date for Certain Capital Limits
  • ACCOUNTING DEVELOPMENTS
    • Mark-to-Market Accounting Hearing
    • FASB Issues Two Proposed Staff Position Papers on Fair Value Accounting
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 1754 and S. 664 – The Financial System Stabilization and Reform Act of 2009
    • H.R. 1349 – Federal Oversight Accounting Board of Act of 2009
    • H.R. 1106 – Helping Families Save Their Homes Act of 2009
    • H.R. 1728 – Mortgage Reform and Anti-Predatory Lending Act of 2009
  • OTHER DEVELOPMENTS
    • NAIC Testifies to Strength of Insurance Regulation
    • NRSRO Rules and Reforms

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April 2009

  • REGULATORY DEVELOPMENTS
    • TARP Funds May Become Available to Insurers
  • ACCOUNTING DEVELOPMENTS
    • FASB Final Staff Positions on Fair Value Accounting
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 1880 – National Insurance Consumer Protection Act (NICPA)
  • OTHER DEVELOPMENTS
    • Regulation D Exemption Process Audit
    • Fifth Third BOLI News
  • AD HOC LRA – APRIL 13, 2009
    • FASB Final Staff Positions on Fair Value Accounting
  • AD HOC LRA – APRIL 23, 2009
    • Fifth Third BOLI News

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May 2009

  • LEGISLATIVE DEVELOPMENTS
    • The Obama Administration’s 264(f) Proposal
    • H.R. 2609 – The Insurance Information Act of 2009
    • S. 896/H.R. 1106 – Helping Families Save Their Homes Act of 2009
  • REGULATORY DEVELOPMENTS
    • TALF Expansion to CMBS
    • TARP to Insurers
    • Systemic Risk: How Should Insurance Be Regulated?
  • TAX DEVELOPMENTS
    • New IRS Guidance on BOLI/COLI
    • Revenue Rulings on Life Settlement Transactions
  • ACCOUNTING DEVELOPMENTS
    • Congress Asked to Revisit Mark-to-Market
  • JUDICIAL DEVELOPMENTS
    • Johnson v. Amegy Bank, N.A.
    • Barofsky v. Citibank, N.A.
    • Wal-Mart COLI Lawsuits Updates
  • OTHER DEVELOPMENTS
    • BOLI/COLI in the News
    • BOLI Surrender and Disclosures
  • AD HOC LRA – MAY 12, 2009
    • The Obama Administration’s 264(f) Proposal

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June 2009

  • REGULATORY DEVELOPMENTS
    • The Obama Administration’s Regulatory Reform Proposal
    • Systemic Risk and Insurance
    • Consumer Protection and Insurance
  • LEGISLATIVE DEVELOPMENTS
    • S. 1073 – Rating Accountability and Transparency Act
    • H.R. 2733 – Indexed Annuities and Insurance Products Classification Act
  • JUDICIAL DEVELOPMENTS
    • Barofsky v. Citibank, N.A.
  • OTHER DEVELOPMENTS
    • Proposed Interagency Guidance on Funding and Liquidity Risk      
    • FASB Statements on Securitizations and Special Purpose Entities
    • Joint Forum Credit Ratings Paper

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July 2009

  • REGULATORY DEVELOPMENTS
    • SEC Money Market Fund Reform 
    • Financial Crisis Inquiry Commission
    • Consumer Financial Protection Agency Act of 2009
  • TAX DEVELOPMENTS
    • Restricted Access Funds Investing in Public Mutual Funds – PLR 200915006       
  • JUDICIAL DEVELOPMENTS
    • BB&T v. Mass Mutual, Clark Consulting
    • CalPERS v. Moody’s, Fitch and Standard & Poor’s
  • OTHER DEVELOPMENTS
    • FASB May Expand Mark-to-Market
    • GAO Financial Markets Regulation Report   

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August 2009

  • REGULATORY DEVELOPMENTS
    • Administration’s Regulatory Reform Agenda   
    • Money Market Fund Reform
  • JUDICIAL DEVELOPMENTS
    • The 2004 Stuart Moldaw Trust v. XE L.I.F.E., LLC
  • OTHER DEVELOPMENTS
    • Basel Committee Released New Principles on Fair Value
    • Latest CBO Budget Document Includes Taxation of Inside Buildup
    • Proposed Regulatory Capital Standards

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September 2009

  • REGULATORY DEVELOPMENTS
    • Financial Regulatory Reform Legislation    
    • Treasury’s Policy Statement on Capital and Liquidity Standards
    • Financial Crisis Inquiry Commission
    • SEC Announces New Division
  • JUDICIAL DEVELOPMENTS
    • Abu Dhabi Commercial Bank et. al. v. Morgan Stanley, Moody’s and S&P
    • Havenstrite v. Hartford (Update)
  • ACCOUNTING DEVELOPMENTS
    • FASB Exposure Draft on Fair Value Measurements and Disclosures
  • OTHER DEVELOPMENTS
    • California Probes Credit Rating Agencies
    • NAIC Public Hearing on the Role of Rating Agencies in Insurance Regulation
    • SEC Unanimous Vote for More Oversight of Rating Agencies
    • New Michael Moore Film References COLI

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October 2009

  • REGULATORY DEVELOPMENTS
    • Financial Regulatory Reform
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 3669 – Employer Owned Insurance Limitation Act
    • NY SB 6236 – COLI/BOLI Franchise Tax
  • ACCOUNTING DEVELOPMENTS
    • IASB to Issue Fair Value Accounting Rules before FASB
  • OTHER DEVELOPMENTS
    • Employee Benefit Provisions Remain Unchanged for 2010
  • AD HOC LRA – OCTOBER 2, 2009
    • H.R. 3669 – Employer Owned Insurance Limitation Act
  • AD HOC LRA – OCTOBER 16, 2009
    • Joint News Release – COLI: Helping U.S. Workers with Jobs & Benefits

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November 2009

  • TAX DEVELOPMENTS
    • 2009-2010 Priority Guidance Plan
    • IRS PLR 200945032
  • ACCOUNTING DEVELOPMENTS
    • IASB Proposes Change to Loan Losses Rule
  • JUDICIAL DEVELOPMENTS
    • Atkinson v. Wal-Mart Stores
  • REGULATORY DEVELOPMENTS
    • Sen. Dodd Regulatory Reform Bill
    • The Federal Insurance Office Act – H.R. 2609
    • The Financial Stability Improvement Act – H.R. 3996
    • The Private Fund Investment Advisors Registration Act – H.R. 3818
  • OTHER DEVELOPMENTS
    • New Reporting Requirements for NY Life Insurers
    • State Insurance Regulators to Develop New Rating Model for RMBS

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December 2009

  • JUDICIAL DEVELOPMENTS
    • Havenstrite v. Hartford (Update)
  • REGULATORY DEVELOPMENTS
    • The Wall Street Reform and Consumer Protection Act H.R. 4173
  • OTHER DEVELOPMENTS
    • New Basel Committee Capital and Liquidity Proposals
    • Tax Change to Boost Regulatory Capital for Insurers
    • New SEC Disclosures about Risk, Compensation and Corporate Governance
    • NY’s Proposed Producer Compensation Transparency Regulation

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