Legislative, Regulatory, Judicial and Accounting Developments

January 2015

  • LEGISLATIVE DEVELOPMENTS
    • Promoting Job Creation and Reducing Small Business Burdens Act
    • NY COLI Franchise Tax Bills
  • JUDICIAL DEVELOPMENTS
    • FNB v. Transamerica and Clark Consulting – Update
  • TAX DEVELOPMENTS
    • Tax Reform Working Groups
  • OTHER DEVELOPMENTS
    • Supreme Court Retiree Health Benefits Ruling
    • NAIC Efforts Regarding Separate Accounts – Update

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February 2015

  • LEGISLATIVE DEVELOPMENTS
    • Obama’s 2016 Fiscal Year Budget Proposal
  • REGULATORY DEVELOPMENTS
    • Revised Call Report Schedule for Standardized RWA – Update
  • JUDICIAL DEVELOPMENTS
    • FNB v. Transamerica and Clark Consulting – Update
  • AD HOC LRA – FEBRUARY 3, 2015
    • Revised Call Report Schedule for Standardized Approach RWA

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March 2015

  • LEGISLATIVE DEVELOPMENTS
    • Tax Reform Update
  • JUDICIAL DEVELOPMENTS
    • Bancorp Services v. American General
  • ACCOUNTING DEVELOPMENTS
    • FASB Tentative Decisions for Insurance Project
  • OTHER DEVELOPMENTS
    • JCT Revenue Estimates of Obama Budget Proposal

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April 2015

  • LEGISLATIVE DEVELOPMENTS
    • Tax Reform Update
  • OTHER DEVELOPMENTS
    • DMF Certification Process – Update
    • NAIC Adopts Guidance on Acquisition of Control of U.S. Insurers
    • Senate Banking Committee Hearings on Insurance Industry and Regulation
  • AD HOC LRA – APRIL 6, 2015
    • Regulatory Capital Rules: Frequently Asked Questions

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May 2015

  • REGULATORY DEVELOPMENTS
    • Banking Regulators Release Supervisory Guidance for Implementation of SSFA for Securitization Exposures under the Advanced Approaches
  • JUDICIAL DEVELOPMENTS
    • COI Litigation – Fleisher v. Phoenix Life Insurance Co.
    • BB&T v. MassMutual – Update
    • FNB v. Transamerica and Clark Consulting – Update
  • LEGISLATIVE DEVELOPMENTS
    • Financial Regulatory Improvement Act of 2015
    • Finance Committee Update on Bipartisan Tax Working Groups

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June 2015

  • REGULATORY DEVELOPMENTS
    • Review of Standardized BOLI RWA Reporting for Q1-2015
    • Banking Regulators Finalize Revisions to Advanced Approaches Capital Rules
  • OTHER DEVELOPMENTS
    • IRS Updates Audit Guide for Non-Qualified Deferred Compensation Plans
    • IRS Prevails in Tax Court re Investor Control Violation under High-Net-Worth Private Placement Variable Life Insurance

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July 2015

  • REGULATORY DEVELOPMENTS
    • Capital Planning and Stress Testing Rule Proposal
  • TAX DEVELOPMENTS
    • Senate Finance Committee Releases Bipartisan Tax Working Group Reports
    • IRS Chief Counsel Advice re. 409(A) Correction in Vesting Year
    • Tax Court Rules that Welfare Benefit Plans Constituted Compensatory Split Dollar Arrangements

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August 2015

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

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September 2015

  • REGULATORY DEVELOPMENTS
    • Operational Requirements for Securitizations under Basel III
  • JUDICIAL DEVELOPMENTS
    • BB&T v MassMutual – Update
  • TAX DEVELOPMENTS
    • JCT Description of Certain Revenue Provisions Contained in President’s Fiscal Year 2016 Budget Proposal
  • OTHER DEVELOPMENTS
    • Financial Services Committee Hearing on Domestic Insurance Regulatory Standards
    • Rhode Island Supreme Court Decides that a Variable Annuity with a Guaranteed Death Benefit Does Not Require and Insurable Interest

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October 2015

  • REGULATORY DEVELOPMENTS
    • Basel Committee Coordination Bulletin – Wholesale and Retail Credit Risk Work Programs
    • OCC Rescinds Outdated Regulatory Capital Bulletins
    • Basel Committee Chairman’s Remarks Regarding Counterparty Credit RWA
  • JUDICIAL DEVELOPMENTS
    • Nixon v. United States – Update
    • Taylor v. NCR Corp – NQDC Plan Lump Sum Termination
  • OTHER DEVELOPMENTS
    • Cybersecurity Developments
    • Senator Warren’s Report on Conflicts of Interest in the Annuity Industry
    • FINRA Proposes Rule Change to Establish Margin Requirements for TBAs and Other Agency Transactions

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November 2015

  • REGULATORY DEVELOPMENTS
    • Federal Reserve Approves Rule to Modify Capital Plan and Stress Testing Rules
  • JUDICIAL DEVELOPMENTS
    • Ongoing Litigation Update – JPMorgan’s Notice of Supplemental Authority in Further Support of Its Motion to Dismiss
  • OTHER DEVELOPMENTS
    • NYDFS Considers Cybersecurity Regulations for Financial Institutions

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December 2015

  • REGULATORY DEVELOPMENTS
    • IRS Private Letter Rulings that Business Trust Portfolio Composed of Underlying Funds Satisfies Investor Control Rules
  • JUDICIAL DEVELOPMENTS
    • FNB PA vs. Transamerica and Clark Consulting – Update
  • OTHER DEVELOPMENTS
    • NAIC Fall National Meeting

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