Legislative, Regulatory, Judicial and Accounting Developments

January 2023

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

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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

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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

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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

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May 2023

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

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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

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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

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August 2023

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

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