Legislative, Regulatory, Judicial and Accounting Developments

January 2022

  • TAX DEVELOPMENTS
    • IRS Final Guidance on Transition from LIBOR to Other Reference Rates
    • IRS Notice 2022-06 – Determination of Substantially Equal Periodic Payments
  • REGULATORY DEVELOPMENTS
    • SEC Reopens Comment Period on Executive Compensation Proposal
  • JUDICIAL DEVELOPMENTS
    • Court Provides Preliminary Approval of Class Action Settlement in John Hancock COI Litigation
  • OTHER DEVELOPMENTS
    • Society of Actuaries Release U.S. Population Mortality Observations
    • Columbian Mutual Life Settlement with NY DFS for Failing to Pay Unclaimed Proceeds
    • FRB Invites Public Comment on Proposed Guidance for Supervision of Certain Insurance Organizations Overseen by the Board

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February 2022

  • REGULATORY DEVELOPMENTS
    • SEC Proposes Cybersecurity Rules for Investment Advisers
  • OTHER DEVELOPMENTS
    • Russian Economic Sanctions Imposed

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March 2022

  • TAX DEVELOPMENTS
    • Biden Administration Releases Fiscal Year 2023 Budget Proposal
  • JUDICIAL DEVELOPMENTS
    • Leonard v. John Hancock – Attorneys’ Fees Awarded in COI Litigation
  • LEGISLATIVE DEVELOPMENTS
    • Utah Passes Consumer Privacy Law

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April 2022

  • JUDICIAL DEVELOPMENTS
    • Athene v. American General, et al. – COLI SVP Product Dispute
  • REGULATORY DEVELOPMENTS
    • Financial Industry Associations Request Review of SA-CCR
  • TAX DEVELOPMENTS
    • Treasury Greenbook Released

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May 2022

  • ACCOUNTING DEVELOPMENT
    • Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans

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June 2022

  • TAX DEVELOPMENTS
    • Biden Tax Policy Update
  • JUDICIAL DEVELOPMENTS
    • Voya Settles Class Action Regarding COI Increases

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July 2022

  • LEGISLATIVE DEVELOPMENTS
    • Inflation Reduction Act of 2022
  • REGULATORY DEVELOPMENTS
    • FRB Regulation O FAQ – Split Dollar Life Insurance Arrangements

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August 2022

  • LEGISLATIVE DEVELOPMENTS
    • Inflation Reduction Act of 2022
    • California Legislature Passes Unclaimed Property Voluntary Compliance Program
  • OTHER DEVELOPMENTS
    • Senate Finance Committee to Investigate Private Placement Life Insurance
    • NAIC Adopts Regulatory Considerations Applicable to Private Equity-Owned Insurers

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September 2022

  • REGULATORY DEVELOPMENTS
    • Banking Regulators Reaffirm Commitment to Basel III Standards
  • JUDICIAL DEVELOPMENTS
    • Davydov (Et Al.) v. John Hancock – COI Litigation Update
  • OTHER DEVELOPMENTS
    • Senate Finance Committee Continues Investigation into PPLI

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October 2022

  • REGULATORY DEVELOPMENTS
    • FRB and FDIC Proposed Rule for Large Bank Resolution Requirements
    • SEC Adopts Final Clawback Rules
    • Federal Reserve Framework for Supervision of Insurance Organizations
  • JUDICIAL DEVELOPMENTS
    • Davydov (Et Al.) v. John Hancock – COI Litigation Update
  • TAX DEVELOPMENTS
    • IRS Notice 2022-55 – Qualified Retirement Plan Cost of Living Adjustments

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November 2022

  • INSURANCE DEVELOPMENTS
    • ACLI Update on Life Insurance and Annuity Benefits in 2021

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December 2022

  • LEGISLATIVE DEVELOPMENTS
    • Consolidated Appropriations Act Enacted
  • TAX DEVELOPMENTS
    • IRS Notice 2023-7 – Initial Guidance Regarding Corporate Alternative Minimum Tax
  • JUDICIAL DEVELOPMENTS
    • Athene v. American General, et al. – COLI SVP Dispute Settled
  • OTHER DEVELOPMENTS
    • BCBS Evaluation of the Impact of Basel III Reforms

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