MB Schoen & Associates

Legislative, Regulatory, Judicial and Accounting Developments

January 2023

We did not identify any subjects warranting coverage in our monthly LRA Update.

February 2023

REGULATORY DEVELOPMENTS
- NAIC Releases Draft Privacy Model Law for Insurance
OTHER DEVELOPMENTS
- SECURE 2.0 Creates New Opportunity to Use Surplus Pension Assets for Retiree Welfare Benefits
- U.S. Unveils New Economic Sanctions on Russia

March 2023

REGULATORY DEVELOPMENTS
- Potential Bank Regulatory Response to Signature and Silicon Valley Bank Failures
LEGISLATIVE DEVELOPMENTS
- Data Privacy Act Passes House Financial Services Committee
JUDICIAL DEVELOPMENTS
- Lincoln National COI Litigation – Proposed Settlement
TAX DEVELOPMENTS
- Biden Budget Proposal
OTHER DEVELOPMENTS
- Silicon Valley Bank and Signature Bank BOLI Holdings

April 2023

REGULATORY DEVELOPMENTS
- FSOC Proposes Updated Analytic Framework and Guidance on Nonbank Determinations
TAX DEVELOPMENTS
- IRS Revenue Ruling – No Step-up Basis if a Trust’s Assets Are Not Includible in Gross Estate
OTHER DEVELOPMENTS
- US DOL Reaches Settlement with Prudential Regarding Denied Claims
- First Republic Bank Put into Receivership – JPMorgan Chase to Assume Substantially All Assets

May 2023

TAX DEVELOPMENTS
- Reportable Policy Sale Proposed Update
JUDICIAL DEVELOPMENTS
- COI Litigation Update – Jury Finds in Favor of Plaintiffs

June 2023

TAX DEVELOPMENTS
- IRS Reportable Policy Sale Proposed Rule – Update
REGULATORY DEVELOPMENTS
- Banking Regulators Finalize Interagency Guidance on Third-Party Relationships
- Bank Regulatory Policy Update
- FRB Releases Results of Annual Bank Stress Tests
LEGISLATIVE DEVELOPMENTS
- Senate Banking Committee Members Propose Bill to Claw Back Executive Compensation
JUDICIAL DEVELOPMENTS
- COI Litigation – PHL Variable Granted Summary Judgment

July 2023

REGULATORY DEVELOPMENTS
- Banking Regulators Release Proposed Updates to Basel III Capital Rules
TAX DEVELOPMENTS
- IRS Reportable Policy Sale Proposed Update – Review of Comment Letters Submitted
OTHER DEVELOPMENTS
- CA Attorney General Seeks Information from Employers on Compliance with CCPA
- Society of Actuaries U.S. Individual Life COVID-19 Reported Claims Analysis

August 2023

TAX DEVELOPMENTS
- IRS Sets Hearing Date for Reportable Policy Sale Proposed Rules
JUDICIAL DEVELOPMENTS
- Litigation Related to the MOVEit Data Breach

September 2023

REGULATORY DEVELOPMENTS
- Basel III Endgame Proposal – Update
OTHER DEVELOPMENTS
- NAIC Financial Condition (E) Committee – Framework for Regulation of Insurer Investments