Posts by Bill Hoisington

LEGISLATIVE DEVELOPMENT Florida Bill to Restrict Employer-Owned Life Insurance – Update As covered in a previous LRA Update, a Florida Assembly member had introduced legislation intended to place restrictions on employer-owned life insurance. The restrictions would include requiring an employer to provide written notice of a policy to the insured’s spouse and/or estate within 30…

JUDICIAL DEVELOPMENT Athene vs. American General – COLI SVP Litigation Update On December 18, the Delaware Superior Court held oral arguments on American General’s (Defendant) Motion to Dismiss.

ACCOUNTING DEVELOPMENTS Stable Value Protection Whitepaper On November 26, MB Schoen & Associates, Inc. published a whitepaper titled Applying the GAAP Net Realizable Value Standard to BOLI Stable Value Products.

TAX DEVELOPMENTS IRS Releases Final Regulations for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules On October 25, the IRS released final regulations for certain life insurance contract transactions and modifications to the transfer for valuable considerations rules. The final regulations provide guidance on new reporting obligations under section…

LEGISLATIVE DEVELOPMENTS California Consumer Privacy Act – Amendment Passed On September 26, California Assembly Bill 25 (AB 25) was presented to Governor Newsom after having passed the State Assembly and Senate. The governor has until October 13 to sign the bill into law.

REGULATORY DEVELOPMENTS Regulators Approve Volcker Rule Revisions In August, the OCC, FRB, FDIC, SEC and CFTC agreed upon a final rule to amend various provisions of the so-called Volcker Rule regulations. The OCC (link) and FDIC (link) announced their approvals of the final rule on August 20.

REGULATORY DEVELOPMENTS LIBOR Reference Rate Reform – Update SEC Staff Statement On July 12, the SEC issued a Staff Statement on LIBOR Transition, encouraging market participants to proactively identify and respond to risks and considerations related to the potential discontinuation of LIBOR after 2021.

LEGISLATIVE DEVELOPMENT California Consumer Privacy Act – Amendments The California legislature is considering a number of bills that would amend aspects of the California Consumer Privacy Act (CCPA). One bill of particular note is Assembly Bill #25 (AB 25), which was unanimously approved by the Assembly on May 29. It is now being deliberated in…