2018 Archives - MB Schoen & Associates

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

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

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

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

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

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

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

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

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

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

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

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