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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