Legislative, Regulatory, Judicial and Accounting Developments

January 2016

  • ACCOUNTING DEVELOPMENTS
    • FASB Proposed Accounting Standards Update – Classification of Certain Receipts and Cash Payments
  • REGULATORY DEVELOPMENTS
    • Regulators Release 2016 CCAR and DFAST Scenarios
    • Basel Committee Releases Revised Market Risk Framework
  • LEGISLATIVE DEVELOPMENTS
    • NY COLI Franchise Tax Bills
  • OTHER DEVELOPMENTS
    • Senate Finance Committee Hearing on Helping Americans Plan for Retirement

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February 2016

  • LEGISLATIVE DEVELOPMENTS
    • Obama Administration’s 2017 Fiscal Year Budget Proposal
  • JUDICIAL DEVELOPMENTS
    • Transamerica’s Third-Party Complaint Against JPMorgan Dismissed for Lack of Jurisdiction
    • Bancorp Services v. American General – Update
  • OTHER DEVELOPMENTS
    • Consumer Federation of America Encourages Insurance Regulators to Block COI Rate Increases

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March 2016

  • TAX DEVELOPMENTS
    • Tax Court Ruling with Implications for Split Dollar Arrangements
  • REGULATORY DEVELOPMENTS
    • Federal Reserve Re-Proposes Single-Counterparty Credit Limits
  • JUDICIAL DEVELOPMENTS
    • Transamerica Class Action Complaint Relating to COI Rate Increases
  • ACCOUNTING DEVELOPMENTS
    • FASB Proposed Accounting Standards Update – Comments re BOLI Cash Flows
  • OTHER DEVELOPMENTS
    • NAIC Cybersecurity Model Laws Proposal
    • JCT Revenue Estimates of Obama Budget Proposal
    • Florida Bill Requires Insurance Companies to Search DMF
    • MetLife’s SIFI Designation Overturned
    • FINRA Target Exam Letter on FIRM Cultures

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May 2016

  • TAX DEVELOPMENTS
    • Alternative Diversification Requirements for Government Money Market Funds under Section 817(H)
  • JUDICIAL DEVELOPMENTS
    • Transamerica COI Rate Increase Litigation Update
  • REGULATORY DEVELOPMENTS
    • Regulators Propose Revised Rule on Incentive-Based Compensation Arrangements
    • Net Stable Funding Ratio Proposed Rule
    • FRB Proposes Conceptual Framework for Insurance Capital Standards
  • OTHER DEVELOPMENTS
    • DMF Certification Process – Final Rule Issued
    • Senate Committee on Finance Holds Hearing on the Tax Treatment of Corporate Debt and Equity

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June 2016

  • REGULATORY DEVELOPMENTS
    • IRS Proposes Regulations Clarifying Section 409A Regulations
  • OTHER DEVELOPMENTS
    • NAIC Adopts Principle-Based Reserving

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July 2016

  • REGULATORY DEVELOPMENTS
    • Volcker Rule, Extension of Conformance Period
  • JUDICIAL DEVELOPMENTS
    • Bancorp Services v. American General – Update
    • BB&T v. MassMutual – Update
    • Transamerica COI Rate Increase Litigation – Update
  • ACCOUNTING DEVELOPMENTS
    • FASB Proposed Accounting Standards Update – Income Tax Disclosures
  • OTHER DEVELOPMENTS
    • Basel Revisions to Securitization Framework
    • New York DFS Announces It Will Adopt Principle-Based Reserving
    • DOL, IRS, and Pension Benefit Guaranty Corporation Propose Form 5500 Changes

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August 2016

  • ACCOUNTING DEVELOPMENTS
    • Final Accounting Standard for Certain Cash Receipts and Payments
  • OTHER DEVELOPMENTS
    • FHFA Single Security Initiative
    • NAIC Launches Life Insurance Policy Locator Application

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September 2016

  • REGULATORY DEVELOPMENTS
    • Banking Regulators Report to Congress on Investment Activities of Regulated Financial Institutions
    • OCC Releases Bank Supervision Operating Plan for Fiscal Year 2017
    • Federal Reserve Board Proposed Rule to Modify CCAR Requirements for Large, Noncomplex Firms
  • JUDICIAL DEVELOPMENTS
    • Transamerica COI Litigation Update

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October 2016

  • TAX DEVELOPMENTS
    • IRS Guidance Concerning Use of 2017 CSO Tables under Section 7702
  • ACCOUNTING DEVELOPMENTS
    • FASB Proposed Accounting Standards Update – Targeted Improvements to the Accounting for Long-Duration Contracts
  • JUDICIAL DEVELOPMENTS
    • Florida Supreme Court Upholds STOLI Subsequent to Expiration of Contestability Period
  • OTHER DEVELOPMENTS
    • Society of Actuaries (SOA) Releases New Mortality Projection Scales for Pension Plans

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November 2016

  • TAX DEVELOPMENTS
    • Increased Potential for Tax Reform
  • REGULATORY DEVELOPMENTS
    • Potential for Dodd-Frank Repeal by Trump Administration
  • OTHER DEVELOPMENTS
    • NY DFS Regulation on Non-Guaranteed Elements of Life Insurance Policies
    • Death Master File Access Requires Certification of Cybersecurity
    • CFPB Incentive Compensation Expectations Guidance
    • NAIC Life Insurance Policy Locator

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December 2016

  • REGULATORY DEVELOPMENTS
    • IRS Private Letter Rulings that Business Trust Portfolio Composed of Underlying Funds Satisfies Investor Control Rules
  • JUDICIAL DEVELOPMENTS
    • FNB PA vs. Transamerica and Clark Consulting – Update
  • OTHER DEVELOPMENTS
    • NAIC Fall National Meeting

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