Legislative, Regulatory, Judicial and Accounting Developments

January 2007

• ACCOUNTING DEVELOPMENTS
  • FASB EITF 06-10: Accounting for Collateral Assignment Split-Dollar Arrangements
• TAX DEVELOPMENTS
  • IRS Private Letter Rulings Regarding Partitioning of Policies
  • IRS Revenue Ruling 2007-7
  • IRS Request for Comments on Procedures for Correcting Inadvertent Failures of Life Insurance Contracts to Satisfy Certain IRC Requirements
  • IRS Updates Correction Procedure for Inadvertent Failures to Comply with MEC Rules

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February 2007

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

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March 2007

• ACCOUNTING DEVELOPMENTS
  • FASB EITF 06-10: Accounting for Collateral Assignment Split-Dollar Arrangements
• TAX DEVELOPMENTS
  • IRS Private Letter Ruling Regarding Partial 1035 Exchanges

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April 2007

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

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May 2007

• TAX DEVELOPMENTS
  • IRS Releases Final Regulations under 409(A)
  • IRS Revenue Ruling Regarding Partial MEC Exchanges

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June 2007

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

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July 2007

• TAX DEVELOPMENTS
  • IRS Private Letter Ruling Regarding Exchange of Individual Certificates under a Master Group Contract

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August 2007

• TAX DEVELOPMENTS
  • IRS Releases 409A Corrections

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September 2007

• TAX DEVELOPMENTS
  • IRS Provides Transition Relief Related to 409A

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October 2007

• JUDICIAL DEVELOPMENTS
  • Xcel Energy Settlement with the IRS
• TAX DEVELOPMENTS
  • IRS Extends Transition Relief for 409A

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November 2007

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

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December 2007

• REGULATORY DEVELOPMENTS
  • OCC Informal Clarification regarding SA BOLI RWA Constraint
• TAX DEVELOPMENTS
  • IRS Releases Draft Form 8925 for Recordkeeping Requirements under 6039I
• OTHER DEVELOPMENTS
  • Fifth Third Bancorp Announces Charge to Earnings

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