Legislative, Regulatory, Judicial and Accounting Developments

January 2010

  • LEGISLATIVE DEVELOPMENTS
    • IA HB 620
  • REGULATORY DEVELOPMENTS
    • Joint Agencies Issue Final Rule for Capital Standards
    • Bank Regulators Issue Advisory on Interest Rate Risk
    • Obama Administration Announces New Proposals Focused on Banks
    • SEC Approves Money Market Funds Reform
  • JUDICIAL DEVELOPMENTS
    • Johnson v. Amegy Bank
  • TAX DEVELOPMENTS
    • IRS Notice 2010-06 – Document Correction Guidance under Section 409A

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February 2010

  • JUDICIAL DEVELOPMENTS
    • BBT&T v. Mass Mutual, Clark Consulting (Update)
    • Fifth Third v. Transamerica, Clark Consulting (Update)
    • Employer Stock Drop Litigation
  • LEGISLATIVE DEVELOPMENTS
    • Bipartisan Tax Fairness and Simplification Act of 2010
    • President Obama FYE 2011 Budget Proposal
  • OTHER DEVELOPMENTS
    • NY Final Insurance Producer Disclosure Regulation
  • AD HOC LRA – FEBRUARY 2, 2010
    • President Obama FYE 2011 Budget Proposal

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March 2010

  • LEGISLATIVE DEVELOPMENTS
    • NY A1025 – Insurer Alternatives to NRSROs
    • S. 3098 – PROP Trading Act
  • JUDICIAL DEVELOPMENTS
    • Havenstrite v. Hartford
    • Connecticut v. Moody’s and S&P
    • Cowboy Athletics, Inc., et al v. Lincoln National Insurance Co.
  • REGULATORY DEVELOPMENTS
    • Senate Version of Regulatory Financial Reform Bill Moves Forward
  • OTHER DEVELOPMENTS
    • Members of Congress Express Opposition to Insurance-Related Proposals
    • NAIC Rating Agency Working Group Issues Final Report
    • Subcommittee Hearing on Insurance Holding Company Supervision
    • Regulators Scout SMI “Road Map”

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April 2010

  • JUDICIAL DEVELOPMENTS
    • Fifth Third v. Transamerica, Clark Consulting (Update)          
  • REGULATORY DEVELOPMENTS
    • Update on Financial Services Reform Bill
  • TAX DEVELOPMENTS
    • Treasury Report on Charity-Owned Life Insurance
  • OTHER DEVELOPMENTS
    • Trade Associations to Initiate Legal Action over Commission Disclosures

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May 2010

  • REGULATORY DEVELOPMENTS
    • Senate Reform Bill Passed; Next Step Conference Committee
  • ACCOUNTING DEVELOPMENTS
    • FASB Proposal on Accounting for Financial Instruments
  • OTHER DEVELOPMENTS
    • New COLI Report
  • AD HOC LRA – MAY 6, 2010
    • COLI CRS Report

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June 2010

  • JUDICIAL DEVELOPMENTS
    • Havenstrite v. Hartford
  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Wall Street Reform and Consumer Protection Act
    • Final Guidance on Sound Incentive Compensation Policies
  • OTHER DEVELOPMENTS
    • FASB Proposed Update for Common U.S. and International Fair Value Accounting Standards
    • NAIC to Consider Impact of Principles-Based Reserving on Insurers

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July 2010

  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Wall Street Reform and Consumer Protection Act
    • Basel Committee Reaches Accord on Principles for Capital and Liquidity Rules 
  • OTHER DEVELOPMENTS
    • SEC Proposes New 12b-1 Fee Rules
    • NAIC Releases RFP to Produce Designations for Commercial Mortgage-Backed Securities
    • SEC and GAO Report on Life Settlement Regulations

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August 2010

  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Wall Street Reform and Consumer Protection Act
  • JUDICIAL DEVELOPMENTS
    • Fifth Third v. Transamerica and Clark Consulting (Update)
  • OTHER DEVELOPMENTS
    • FSA Calls for Tougher Bank Oversight
    • NAIC Releases Updated SMI Roadmap

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September 2010

  • REGULATORY DEVELOPMENTS
    • Dodd-Frank Act – Hedge Fund/Private Equity Definition
    • Senate Hearing on Dodd-Frank Implementation
    • Basel III: New Global Capital and Liquidity Requirements
  • ACCOUNTING DEVELOPMENTS
    • US FASB and IASB Complete First Stage of Conceptual Framework
  • JUDICIAL DEVELOPMENTS
    • Baker v. Dow Chemical
    • Jones v. Bridgestone Americas
  • OTHER DEVELOPMENTS
    • BOLI/COLI in the News
    • NAIC to Measure Impact of Principles-Based Reserving on Insurers
    • NAIC Selects Blackrock Solutions to Model CMBS

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October 2010

  • REGULATORY DEVELOPMENTS
    • FSOC Requests Comment on Implementation of Volcker Rule
    • Proposed FDIC Liquidation Rules and Insurers
    • New Proposed Rules on Call Reports
    • NY Proposed Variable Life Insurance Regulation
    • President’s Working Group Report on Money Market Fund Reforms
  • JUDICIAL DEVELOPMENTS
    • Fifth Third v. Transamerica and Clark Consulting (Final Update)

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November 2010

  • REGULATORY DEVELOPMENTS
    • FSOC Requests Comment on Implementation of Volcker Rule
    • FRB Requests Comment on Volcker Rule Conformance Periods
  • JUDICIAL DEVELOPMENTS
    • Havenstrite Employer Suits
  • OTHER DEVELOPMENTS
    • New York Compensation Rule Effective Soon
    • SEC Proposed New 12b-1 Fees Rule (Update)
  • AD HOC LRA – NOVEMBER 11, 2010
    • FSOC Volcker Study Comments

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December 2010

  • REGULATORY DEVELOPMENTS
    • Joint Agency Proposal to Set Risk-Based Capital Floor
    • Dodd-Frank and Executive Compensation
    • SEC Requests Comment on Credit Rating Standardization Study
    • Volcker Rule Date Reminder
  • ACCOUNTING DEVELOPMENTS
    • FASB and IASB Update Regarding Fair Value Accounting
  • LEGISLATIVE DEVELOPMENTS
    • H.R. 130 – BOLI/COLI Disclosure
    • NY S262 and A9430 – 50% Franchise Tax on BOLI/COLI Benefits
    • IN SB 160 – Limits Amount Payable under BOLI/COLI to Insured’s Annual Salary
    • Expired Bills from the Last Congressional Session
  • JUDICIAL DEVELOPMENTS
    • BB&T v. Pacific Life Ins. Co.
    • Lawsuits Status Update
    • 2010 BOLI/COLI-Related Settlements
  • OTHER DEVELOPMENTS
    • Annual Filing Requirements – IRS Form 8925
    • NY Compensation Disclosure Effective, Trade Groups Still Fighting
    • New York Governor Plans to Merge Banking, Insurance Regulators
    • New IRS Priority Guidance Plan Published
    • Obama Proposed 2012 Budget

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