Legislative, Regulatory, Judicial and Accounting Developments

January 2013

  • REGULATORY DEVELOPMENTS
    • IAIS Global Systemically Important Insurer (G-SII) Designations Coming Soon
    • FSOC Extends Comment Period for MMFs Reform Proposals
    • SEC Chairman Nominated
  • ACCOUNTING DEVELOPMENTS
    • FASB Accounting Proposal for Repurchase Agreements
  • JUDICIAL DEVELOPMENTS
    • Baker v. American Greetings
  • OTHER DEVELOPMENTS
    • NAIC Names New CEO

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February 2013

  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Implementation Hearing
  • LEGISLATIVE DEVELOPMENTS
    • U.S. Senate Bill 173 – Flat Tax Proposal
    • U.S. House Bill 613 – Capital Adequacy for Large Bank Holding Companies
    • NY COLI Franchise Tax Bills
  • JUDICIAL DEVELOPMENTS
    • Cost of Insurance Litigation

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March 2013

  • LEGISLATIVE DEVELOPMENTS
    • Federal Budget Proposals
    • Insurance Industry Lobbying Efforts
    • Too-Big-To-Fail Legislation
    • Oregon H.B. 3367
  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Stress Test Reporting Requirements ($10 Billion – $50 Billion)
  • JUDICIAL DEVELOPMENTS
    • Hunnicutt v Stauffer Management – Dismissed
  • ACCOUNTING DEVELOPMENTS
    • FASB Extends Comment Deadline on Proposal for Accounting for Credit Losses on Financial Assets
  • OTHER DEVELOPMENTS
    • NAIC 2013 Committee Charges

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April 2013

  • LEGISLATIVE DEVELOPMENTS
    • Obama Budget Proposal and Treasury Greenbook
    • Basel III Capital Impact Studies
    • Too-Big-To-Fail Legislation
    • S. 676 – Proposal to Restrict Access to Death Master File
  • JUDICIAL DEVELOPMENTS
    • Baker v. American Greetings
  • REGULATORY DEVELOPMENTS
    • FRB Final Rule re Nonbank Financial Companies
    • Basel III Capital: A Well-Intended Illusion
    • NY DFS Scrutinized Private Equity Acquisition of Insurance Companies

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May 2013

  • LEGISLATIVE DEVELOPMENTS
    • H.R. 1618 – Bill to Increase Employer-Provided Group Term Life Benefit Exclusion
    • H.R. 2140 – Insurance Capital and Accounting Standards Act of 2013
    • Basel Capital Studies – Legislative Update
    • Tax Reform Options – Senate Finance Committee
    • Tax Reform Report – House Ways and Means Committee
  • REGULATORY DEVELOPMENTS       
    • FSOC 2013 Annual Report and Testimony
    • Market Risk Capital Rule Clarifications
    • FRB Mid-Year Stress Tests
  • JUDICIAL DEVELOPMENTS
    • Baker v. American Greetings Corp. (Settlement Update)
  • ACCOUNTING DEVELOPMENTS        
    • FASB Exposure Draft – Credit Losses (Suptopic 825-15)
  • OTHER DEVELOPMENTS
    • JCT Estimated Budget Effects of President’s Fiscal Year 2014 Budget Proposal
  • AD HOC LRA – MAY 13, 2013
    • Financial Institution Letter (Revised): Banker Teleconference on FASB Proposal to Change the Accounting for Credit Losses

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June 2013

  • LEGISLATIVE DEVELOPMENTS
    • Senate Finance Committee – Tax Reform Update
    • Oregon H.B. 3367 – Status Update
  • REGULATORY DEVELOPMENTS
    • Capital Rules – Update
    • NAIC Review of Non-Variable, Insulated Products
    • FSOC Non-Bank SIFI Designations
  • OTHER DEVELOPMENTS
    • SEC Money Market Reform Proposals
    • Hartford Life Developments
    • Texas H.B. 2383 – Life Settlements approved for Medicaid Long-Term Care

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July 2013

  • LEGISLATIVE DEVELOPMENTS
    • S. 1282 – 21st Century Glass-Steagall Act
    • Oregon H.B. 3367
  • REGULATORY DEVELOPMENTS
    • Final Regulatory Capital Rules Released
    • Volcker Rule Update
    • Dodd-Frank Act Stress Test Guidance for Medium-Sized Firms
  • JUDICIAL DEVELOPMENTS
    • Employer Sued for Incorrect Death Benefit Payments under Group Life Insurance Plan
  • ACCOUNTING DEVELOPMENTS
    • FASB Proposal for Accounting for Credit Losses on Financial Assets
  • OTHER DEVELOPMENTS
    • Private Equity Acquisition of Annuity Underwriters – Regulatory Concerns
  • AD HOC LRA – July 2, 2013
    • Final Capital Rules Approved by OCC and FRB
  • AD HOC LRA – July 10, 2013
    • FDIC Interim Final Capital Rules and Leverage Ratio NPR

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August 2013

  • REGULATORY DEVELOPMENTS
    • FFIEC Proposed Revisions to Call Reports
  • JUDICIAL DEVELOPMENTS
    • Cost of Insurance Litigation Update
    • Feinfold v. John Hancock – Death Benefit Payment Practice
  • OTHER DEVELOPMENTS
    • NAIC Private Equity Issues Working Group

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September 2013

  • REGULATORY DEVELOPMENTS
    • FRB Clarifications Regarding Basel III and Capital Plans and Stress Testing
    • IRS Priority Guidance Plan
    • FSOC Final Designation of Prudential as a Non-Bank SIFI
  • JUDICIAL DEVELOPMENTS
    • Baker v. American Greetings – Settlement Approved
    • Mai Thao v. Midland National Life Insurance
  • OTHER DEVELOPMENTS
    • NAIC Summer National Meeting

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October 2013

  • REGULATORY DEVELOPMENTS
    • OCC Basel III Implementation Guidance
    • Uniform Agreement on Classification and Appraisal of Securities Held by Depository Institutions
    • Annual Stress-Test Reporting Template and Instructions for Banks between $10 Billion and $50 Billion
    • Managing Sensitivity to Market Risk in a Challenging Interest Rate Environment
    • Supplementary Leverage Ratio Proposal – Update
  • OTHER DEVELOPMENTS
    • Prudential Accepts Final Designation as Non-Bank SIFI

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November 2013

  • LEGISLATIVE DEVELOPMENTS
    • Senate Finance Committee Proposal to Reform Certain Business Provisions
  • REGULATORY DEVELOPMENTS
    • OCC Risk Management Guidance for Third-Party Relationships
    • OCC Releases Dodd-Frank Stress Testing Scenarios and Proposed Changes to Dodd-Frank Annual Stress Test Reporting
    • BOLI-Related Implementation Questions for Basel III
  • JUDICIAL DEVELOPMENTS
    • Cost of Insurance Litigation – Conseco Class Action
  • OTHER DEVELOPMENTS
    • NAIC Separate Account Risk Working Group – Update
    • SEC Releases Study to Congress on Credit Rating Agency Independence

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December 2013

  • REGULATORY AND TAX DEVELOPMENTS
    • IRS PLR 2013510020 – Loss Recognition on BOLI Surrender
    • FRB Guidance on Managing Outsourcing Risk
  • JUDICIAL DEVELOPMENTS
    • COI Litigation Update – Norem v. Lincoln Benefit Life and Thao v. Midland National
    • Simmons v. Bristol-Myers – New COLI Litigation
  • OTHER DEVELOPMENTS
    • Bipartisan Budget Act of 2013 – Restricting Access to SSA DMF
    • NAIC to Consider Developing Guidelines for Handling of Unclaimed Death Benefits
    • FDIC Publication Focuses on Need for Effective Interest-Rate Risk Management
    • Federal Insurance Office Issues Report on Modernization, Improvement of Insurance Regulation
  • AD HOC LRA – DECEMBER 11, 2013
    • Agencies Issue Final Rules Implementing the Volcker Rule

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