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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