Legislative, Regulatory, Judicial and Accounting Developments

January 2018

  • TAX DEVELOPMENTS
    • Interagency Statement on Accounting and Reporting Implications of the New Tax Law
  • REGULATORY DEVELOPMENTS
    • FFIEC Approves Burden-Reducing Revisions to Call Reports as Previously Proposed
  • OTHER DEVELOPMENTS
    • Evolving “Best Interest” Standards for Life Insurance and Annuities
    • MetLife SIFI Designation Legal Challenge Dismissed

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February 2018

  • TAX DEVELOPMENTS
    • IRS Priority Guidance Plan – Initial Implementation of Tax Cuts and Jobs Act
  • JUDICIAL DEVELOPMENTS
    • BB&T v. MassMutual – Case Voluntarily Dismissed
  • OTHER DEVELOPMENTS
    • MB Schoen Publication – Tax Reform Analysis: Economic Impact on BOLI

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March 2018

  • LEGISLATIVE DEVELOPMENTS
    • Economic Growth, Regulatory Relief, and Consumer Protection Act Passes Senate
  • JUDICIAL DEVELOPMENTS
    • COI Class Action Complaint Against Security Life of Denver
  • OTHER DEVELOPMENTS
    • NAIC Statutory Accounting Principles (E) Working Group Focuses on Private Placement Variable Products
    • NAIC Annuity Suitability (A) Working Group – Update

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April 2018

  • TAX DEVELOPMENTS
    • IRS Notice Regarding Information for Certain Life Insurance Contract Transactions
  • REGULATORY DEVELOPMENTS
    • Federal Reserve Board Seeks Comment on Proposed “Stress Capital Buffer” for Large Banks
  • OTHER DEVELOPMENTS
    • NAIC Statutory Accounting Principles (E) Working Group Focuses on Private Placement Variable Products – Update
    • NY DFS Updates Its Proposed Life Insurance and Annuity “Best Interest” Standard
    • Social Security Administration Announced Additions to Death Master File

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May 2018

  • LEGISLATIVE DEVELOPMENTS
    • Economic Growth, Regulatory Relief, and Consumer Protection Act Signed into Law
  • REGULATORY DEVELOPMENTS
    • Federal Reserve Board Proposes Revisions to the Volcker Rule
  • OTHER DEVELOPMENTS
    • Social Security Administration Announces Schedule for Release of Additional Records
    • NAIC Statutory Accounting Principles (E) Working Group Focuses on Private Placement Variable Products – Update

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June 2018

  • TAX DEVELOPMENTS
    • IRS Notice 2018-41 – Comments Submitted
  • REGULATORY DEVELOPMENTS
    • FRB Finalizes Single-Counterparty Credit Limits
  • JUDICIAL DEVELOPMENTS
    • COI Litigation – Vogt vs State Farm Insurance Company
  • OTHER DEVELOPMENTS
    • NAIC Statutory Accounting Principles (E) Working Group Focuses on Private Placement Variable Products – MBSA Comment Letter

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July 2018

  • TAX DEVELOPMENTS
    • House Ways and Means Chairman Brady Releases Tax Reform 2.0 Framework
  • REGULATORY DEVELOPMENTS
    • Economic Growth, Regulatory Relief, and Consumer Protection Act – Interagency Statement
  • OTHER DEVELOPMENTS
    • NAIC Continues to Review ICOLI Regulations
    • NY DFS Issues Final Version of Life Insurance and Annuity “Best Interest” Standard
    • Social Security Administration Announces Schedule for Release of Additional Records – Update

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August 2018

  • REGULATORY DEVELOPMENTS
    • Proposed Rules for Treatment of Certain Municipal Obligations as HQLA
  • ACCOUNTING DEVELOPMENTS
    • FASB Targeted Improvements to the Accounting for Long-Duration Contracts
    • FASB Proposes Narrow-Scope Improvements to Credit Losses Standard
  • JUDICIAL DEVELOPMENTS
    • COI Litigation Updates
  • OTHER DEVELOPMENTS
    • Comments on SEC Best Interest Standard for Broker-Dealers

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September 2018

  • JUDICIAL DEVELOPMENTS
    • COI Litigation Update – John Hancock Proposed Class Action Settlement
  • TAX DEVELOPMENTS
    • IRS Form 1099-R and Instructions – Reportable Policy Death Benefits
    • Tax Reform 2.0 – House Passes Three Bills

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October 2018

  • REGULATORY DEVELOPMENTS
    • IRS Releases Guidance on Uniform Mortgage-Backed Securities for Purposes of § 817(h)
    • New Proposed Rule for Calculating Exposure Amount of Derivative Contracts
  • JUDICIAL DEVELOPMENTS
    • COI Litigation – Feller vs. Transamerica
    • COI Litigation – Davydov vs. John Hancock
  • ACCOUNTING DEVELOPMENTS
    • American Bankers Association Seeks Quantitative Impact Study and Delay in the Implementation of CECL
  • OTHER DEVELOPMENTS
    • California Consumer Privacy Act Amendment Signed into Law

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November 2018

  • TAX DEVELOPMENTS
    • Brady Releases Tax, Oversight Legislation
  • REGULATORY DEVELOPMENTS
    • Banking Regulators Propose Capital Rule for Qualifying Community Banking Organizations
  • OTHER DEVELOPMENTS
    • “Best Interest” Standards – Updates
    • NAIC Statutory Accounting Principles (E) Working Group – Update
    • California Bill Requiring Notifications to Policyholders when an Insurer Changes Non-Guaranteed Elements
    • IRS Private Letter Ruling Regarding Long-Term Care Insurer Liquidation Process

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December 2018

  • JUDICIAL DEVELOPMENTS
    • COI Litigation Update – John Hancock Proposed Class Action Settlement
  • TAX DEVELOPMENTS
    • JCT Releases General Explanation of Tax Cuts and Jobs Act
    • Year-End Tax Package Passed by the House
  • REGULATORY DEVELOPMENTS
    • Bank Regulators Allow Three-Year Regulatory Capital Phase-in for New CECL Accounting Standard
    • FDIC Issues Notice of Proposed Rulemaking to Revise Company-Run Stress Testing Requirements
    • Regulators Extend Comment Period for SA CCR Proposal
  • OTHER DEVELOPMENTS
    • NTIS Death Data Improvement Project – Update

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