News & Analysis as of

Life Insurance Dodd-Frank Wall Street Reform and Consumer Protection Act

ArentFox Schiff

Federal Insurance Office Gently Turns Up the Heat On Global Warming

ArentFox Schiff on

In a recent notice to the industry the Federal Insurance Office (“FIO”) set forth a series of requests to both life and property/casualty insurers for information as to the impact of climate change on both their insurance...more

Cozen O'Connor

COVID-19 Fake Cures | Accuracy In Debt Collection Reporting | North Carolina AG Reelected

Cozen O'Connor on

2020 AG Elections- Just Called: Incumbent Attorney General Wins Second Term in North Carolina- •North Carolina AG Josh Stein (D) won reelection in a closely watched race over Jim O’Neill (R) by a margin of 51% to 49.9%....more

Carlton Fields

FSOC: “Too Big to Fail” Has Failed

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Insurance and Investment Firms Breathe Easier - On December 4, 2019, the Financial Stability Oversight Council adopted final interpretive guidance on addressing systemic threats to the financial system that prioritizes the...more

Carlton Fields

Multiple Plaintiffs Take Shot at SEC Regulation Best Interest

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The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more

Carlton Fields

Dodd-Frank Rollback Benefits Insurers

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Marketing Private Life Insurance Separate Accounts to Smaller Banks - Subject to certain exceptions, the so-called “Volcker rule” provisions of the Dodd-Frank Act and regulations thereunder (collectively, the Volcker Rule)...more

Carlton Fields

SEC Whistleblower Awards to Insurance Department Employees?

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Many federal, state, and local governmental employees may be eligible for awards pursuant to the SEC’s whistleblower program under the Dodd-Frank Act. If a report to the SEC leads to an enforcement action that results in...more

Carlton Fields

NAIC Draws Line In CFPB Sand Box

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The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban of “mandatory arbitration” clauses that make financial product consumers waive their right...more

Carlton Fields

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

Carlton Fields on

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks ...more

Carlton Fields

NAIC Draws Line in CFPB Sandbox

Carlton Fields on

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban on "mandatory arbitration" clauses that make financial product consumers waive their right...more

Carlton Fields

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

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The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Troutman Pepper

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

Troutman Pepper on

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Carlton Fields

Gatekeeper Liability of Inside Asset Management Attorneys "Appearing" Before the SEC

Carlton Fields on

This article addresses the liability of inside attorneys at asset management companies— mutual fund sponsors, investment advisers, broker-dealers, life insurance companies—as gatekeepers under rules of the US Securities and...more

Morrison & Foerster LLP

MoFo Tax Talk - Volume 8, Issue 2

IRS Releases Notices Designating Certain “Basket Contracts” As Listed Transactions And Others As Reportable Transactions Of Interest - On Wednesday, July 8, the IRS released two notices addressing “basket contracts,”...more

Davis Wright Tremaine LLP

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Carlton Fields

Life Insurers Gain Ground in Legislative Fix

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The U.S. House of Representatives recently voted to pass legislation (H.R. 5461) intended to clarify capital standards for insurance companies under the supervision of the Federal Reserve Board. The bill, sponsored by...more

Carlton Fields

CFTC Issues No Action Letter On Application Of Swap Rules To Longevity Reinsurance Transaction

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There has been considerable concern in the insurance and reinsurance industries that certain hedging and reinsurance activities that companies have engaged in for a number of years, particularly with respect to life insurance...more

Eversheds Sutherland (US) LLP

CFTC Interprets “Swap” Definition In the Context of Longevity Risk Transfer

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (Division) recently addressed for the first time the CFTC’s definition of a “swap” as it applies to a specific insurance...more

Goodwin

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

Goodwin on

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

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