Legislative, Regulatory, Judicial and Accounting Developments

January 2020

  • REGULATORY DEVELOPMENT
    • Agencies Propose Changes to Modify Volcker Rule “Covered Funds” Restrictions

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February 2020

  • TAX DEVELOPMENTS
    • IRS Revenue Ruling 2020-05 – Adjustments to Basis
    • Trump Administration Budget Proposal for FY 2021
    • House Ways & Means Committee Hearing – The Disappearing Corporate Income Tax
  • JUDICIAL DEVELOPMENTS
    • Transamerica COI Litigation Update
    • Athene vs. American General, et al. – COLI SVP Product Dispute

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March 2020

  • LEGISLATIVE DEVELOPMENTS
    • COVID-19 Legislation
  • REGULATORY DEVELOPMENTS
    • Federal Reserve Board Issues Final Rule Establishing Stress Capital Buffer Requirement Intended to Simplify Capital Framework

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April 2020

  • TAX DEVELOPMENTS
    • IRS Private Letter Ruling on Policyholder Implications of Assumption Reinsurance Transaction
  • OTHER DEVELOPMENTS
    • Athene to Pay $45 Million to NY for Unlicensed Pension Risk Transfer Business

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May 2020

  • JUDICIAL DEVELOPMENTS
    • Athene vs. American General, et al. – COLI SVP Product Dispute
    • COI Litigation Update – Proposed Settlement in Thompson vs. Transamerica

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June 2020

  • JUDICIAL DEVELOPMENTS
    • COI Litigation Update – Vogt v. State Farm Jury Verdict Upheld upon Appeal
  • REGULATORY DEVELOPMENTS
    • American General Settlement with Massachusetts re Death Claim Interest
    • Financial Regulators Finalize Changes to Volcker Rule
    • California Consumer Privacy Act (CCPA) – Proposed Regulations Package Submitted to Office of Administrative Law
  • OTHER DEVELOPMENTS
    • Effects of Experience Rating on COLI/BOLI Programs – Publication
    • NAIC Releases Update on State Insurance Regulatory Response to COVID-19

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July 2020

  • JUDICIAL DEVELOPMENTS
    • Athene v. American General, et al. – SVP Litigation Update
  • TAX DEVELOPMENTS
    • IRS Proposed Regulations on Tax-Exempt Organization Excess Executive Compensation

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August 2020

  • ACCOUNTING DEVELOPMENTS
    • OCC Bank Accounting Advisory Series Updated
  • OTHER DEVELOPMENTS
    • Managing Mortality Costs within COLI/BOLI Programs – Publication
    • BIS Revisions to the Principles for the Sound Management of Operational Risk

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September 2020

  • JUDICIAL DEVELOPMENTS
    • Andresen v. Guggenheim Partners – COLI Commissions Litigation
  • REGULATORY DEVELOPMENTS
    • Banking Regulators Finalize Corrections to the SA-CCR
  • LEGISLATIVE DEVELOPMENTS
    • California Consumer Privacy Act (CCPA) – Extension of Temporary Exemption for Employee Data

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October 2020

  • REGULATORY DEVELOPMENTS
    • Banking Regulators Release Final Rule for TLAC Holdings of Advanced Approaches Banks
  • TAX DEVELOPMENTS
    • IRS Private Letter Ruling Regarding Investor Control Doctrine
  • LEGISLATIVE DEVELOPMENTS
    • SAFE DATA Act Introduced in the Senate
    • New Jersey Enacts Law Prohibiting STOLI

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November 2020

  • LEGISLATIVE DEVELOPMENTS
    • California Privacy Rights Act of 2020 Approved by Voters
  • REGULATORY DEVELOPMENTS
    • Banking Regulators Issue Statement on LIBOR Transition
    • Banking Regulators Publish Sound Practices to Strengthen Operational Resilience

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December 2020

  • TAX DEVELOPMENTS
    • Biden Administration’s Business Tax Priorities

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