Legislative, Regulatory, Judicial and Accounting Developments

January 2011

  • REGULATORY DEVELOPMENTS
    • FSOC Volcker Rule Study
    • Basel III and Dodd-Frank Act
  • OTHER DEVELOPMENTS
    • SEC Recommends Uniform Fiduciary Standard
    • Obama Calls for Lower Corporate Tax Rate
    • Financial Crisis Inquiry Commission Final Report
  • AD HOC LRA – JANUARY 20, 2011
    • Volcker Rule Study

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February 2011

  • REGULATORY DEVELOPMENTS
    • Federal Reserve Board Approves Final Rules on Volcker Conformance Periods
    • Federal Reserve Board Proposes Rule for Systemically Important Definitions
    • Proposed Interagency Rule on Incentive-Based Compensation
    • Dodd-Frank Progress Hearing
    • Proposed Revisions to the Market Risk Capital Rule
  • ACCOUNTING DEVELOPMENTS
    • FASB and IASB on Insurance Contracts
    • FASB and IASB on Accounting for Derivatives and Hedge Activities
  • LEGISLATIVE DEVELOPMENTS
    • Hawaii Tax Bills
  • JUDICIAL DEVELOPMENTS
    • Atkinson v. Wal-Mart Stores (Update)
    • Collier v. American Greetings (Update)
  • OTHER DEVELOPMENTS
    • Call Report Revisions Approved
    • Obama Administration Proposed 2012 Budget Released
    • NAIC Working Group on Dodd-Frank Receivership
  • AD HOC LRA – FEBRUARY  15, 2011
    • Final Revisions to the Call Report Approved
    • 2012 Budget Proposal Released

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March 2011

  • REGULATORY DEVELOPMENTS
    • FDIC NPR Implementing Certain Liquidation Authority Provisions of Dodd-Frank
    • Joint Proposed Rule on Resolution Plans and Credit Exposure Reports for Systemic  Entities
    • Joint Proposed Rule on Incentive Compensation
    • New Federal Insurance Office Director Appointed
  • TAX DEVELOPMENTS
    • IRS Ruling on § 1035 Exchanges
  • ACCOUNTING DEVELOPMENTS
    • FASB and IASB Convergence Projects Update
  • LEGISLATIVE DEVELOPMENTS
    • Amendments to Dodd-Frank Introduced in the House
  • JUDICIAL DEVELOPMENTS
    • Atkinson v. Wal-Mart Stores (Update)
    • BB&T v. Pacific Life Insurance Company (Update)
    • Jones v. Bridgestone Americas (Update)
  • OTHER DEVELOPMENTS
    • NAIC Observations on Separate Account Products
    • SEC Delaying Implementation of Broker-Dealer Fiduciary Standard
  • AD HOC LRA – MARCH 4, 2011
    • IRS Revenue Ruling on Certain § 1035 Exchanges

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April 2011

  • REGULATORY DEVELOPMENTS
    • New Guidance on Model Risk Management
    • SEC Proposes Product Definitions for Swaps
    • SEC Roundtable on Money Market Fund Reform
    • Attacks Continue on the Dodd-Frank Regulatory Regime
  • JUDICIAL DEVELOPMENTS
    • Collier v. American Greetings (Update)
    • Hunnicutt v. Akzo Noble, AstraZeneca (Update)
  • OTHER DEVELOPMENTS
    • NAIC Observations on IRC Section 1035 Exchanges
    • CMBS Assessments Produce Little Impact on Insurer Capital Requirements
    • Report on Long-Term Investments after the Financial Crisis

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May 2011

  • REGULATORY DEVELOPMENTS
    • New Federal Advisory Committee on Insurance
    • SEC Proposes Regulations on NRSROs
    • OCC Proposes Rule to Implement Provisions of Dodd-Frank
    • Senate Hearing on Dodd-Frank Implementation
  • LEGISLATIVE DEVELOPMENTS
    • Louisiana H.B. 386
  • JUDICIAL DEVELOPMENTS
    • BB&T v. MassMutual, Clark Consulting (Update)
  • OTHER DEVELOPMENTS
    • Regulators to Review Life Insurers Payment Practices

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June 2011

  • REGULATORY DEVELOPMENTS
    • Agencies Adopt Final Rule to Establish Risk-Based Capital Floor
    • Newly Proposed Bank Stress Testing Guidance
    • Pre-proposal Industry Comments on Volcker Rule
    • White House Announces FSOC Insurance Member Nominee
    • Obama Announces FDIC Chairman Nominee
    • House Hearings on Dodd-Frank Implementation
  • JUDICIAL DEVELOPMENTS
    • BB&T v. MassMutual (Update)
    • Collier v. American Greetings (Update)
    • Hunnicutt v. AstraZeneca (Update)
  • OTHER DEVELOPMENTS
    • Merged Accounting Standards May Prove Costly for Insurers
    • New International Insurance Supervisory Forum

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July 2011

  • REGULATORY DEVELOPMENTS
    • Senate Hearing on 1st Anniversary of the Dodd-Frank Act
    • House Hearing on the Use of Credit Ratings Post Dodd-Frank
    • Insurance Oversight Hearing
    • FSOC Annual Report
    • Final OTS Integration into the OCC
  • JUDICIAL DEVELOPMENTS
    • Atkinson v. Wal-Mart Stores (Update)
    • Collier v. American Greetings (Update)
  • OTHER DEVELOPMENTS
    • IRS Modifies Guidance on Partial Exchanges of Annuity Contracts
    • NY Ins Dept Directs Insurers to Use DMF to Pay Unpaid Death Benefits

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August 2011

  • REGULATORY DEVELOPMENTS   
    • SEC and CFTC Request Comments on Stable Value Contracts
    • Credit Rating Developments
  • JUDICIAL DEVELOPMENTS
    • Collier v. American Greetings (Update)
    • Hunnicutt v. AstraZeneca (Update)
  • OTHER DEVELOPMENTS
    • NAIC Takes Model Bill Covering Insurable Interest and § 1035 Exchanges under Advisement

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September 2011

  • TAXDEVELOPMENTS
    • Debt Reduction Plan Includes Insurance-Related Tax Reforms
  • REGULATORY DEVELOPMENTS
    • Volcker Rule Delay Inevitable
    • Industry Comments on Stable Value Contracts
    • FSOC Insurance Expert Confirmed
    • FDIC Adopts Final Rule on Resolution Plans under Dodd-Frank
  • JUDICIAL DEVELOPMENTS
    • Life Settlement Lawsuits
  • OTHER DEVELOPMENTS
    • NAIC Continues to Evaluate Hybrid Insurance Products
    • NAIC Fund Demand Disclosure for Institutional Business
    • SEC Sends “Wells Notice” to S&P over CDO Ratings
    • Trade Associations File Appeal of NY Compensation Disclosure Rules
    • The New NY State Department of Financial Services

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October 2011

  • REGULATORY DEVELOPMENTS
    • Proposed Volcker Rule Regulations Released
    • FSOC Proposes Three-Part Test to Identify Non-Bank SIFIs
    • Federal Insurance Office Study
    • Federal Reserve Approves Resolution Plans Under Dodd-Frank
  • OTHER DEVELOPMENTS
    • NAIC Fund Demand Disclosure for Institutional Business
    • MetLife Seeks to End Its Supervision by the Federal Reserve

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November 2011

  • REGULATORY DEVELOPMENTS
    • OCC Proposes Rule to Remove References to Credit Ratings
  • TAX DEVELOPMENTS
    • No Deficit Reduction Plan at this Time
  • JUDICIAL DEVELOPMENTS
    • American Greetings (Update)

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December 2011

  • REGULATORY DEVELOPMENTS
    • Federal Agencies Extend Comment Period on Volcker Rule Proposal
    • Federal Reserve Proposal to Implement Enhanced Prudential Standards
    • Industry Comments on FSOC’s Nonbank SIFI Proposal
    • Proposed Changes to Market Risk Capital Rules
    • Federal Insurance Office Developments
  • TAX DEVELOPMENTS
    • Private Letter Ruling 2011-52014 (Application of 264(f))
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 3559 – Insurance Data Protection Act
  • JUDICIAL DEVELOPMENTS
    • Atkinson v. Wal-Mart Stores (Update)
  • OTHER DEVELOPMENTS
    • NY DMF Requirements Result in $52.6 Million for Beneficiaries
    • Sun Life Exiting Variable Annuity, Individual Life and COLI Business
    • MetLife to Sell MetLife Bank to GE Capital
  • AD HOC LRA – DECEMBER 8, 2011
    • Notice of Proposed Rulemaking – Alternatives to Credit Ratings for Debt and Securitization Positions

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