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Variable annuity summary prospectus gains momentum

Jorden Burt LLP
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USA
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July 7 2010

SEC Chairman Mary Schapiro and SEC Director of Investment Management Buddy Donohue recently heralded the development of a variable annuity (VA) summary prospectus

Mutual funds and insurance companies eye major swap participant definition

Jorden Burt LLP
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USA
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August 27 2012

In April, the CFTC and SEC (the Commissions) finalized rules defining what swap or security-based swap activities will cause a person or company to be a major swap participant or a swap dealer under Dodd-Frank

Variable annuity holder granted standing to sue for excessive underlying mutual fund fees

Jorden Burt LLP
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USA
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October 30 2012

The United States District Court in New Jersey recently issued an unpublished ruling that a variable annuity holder had standing to sue for allegedly excessive management fees paid by an underlying mutual fund

Fixed indexed annuities litigation and enforcement trends

Jorden Burt LLP
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USA
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April 15 2008

Indexed annuities continue to be a target of litigation, frequently with allegations of unsuitability for seniors

Synthetic annuities in today’s market

Jorden Burt LLP
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USA
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December 31 2008

Two realities may be combining to increase the level of public receptivity to annuitization in the form of a guaranteed stream of income over either a stipulated period or life

SEC responds to Old Mutual petition for two-year stay of Rule 151A

Jorden Burt LLP
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USA
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September 29 2009

On September 28, 2009, the SEC filed a response asking the U.S. Court of Appeals for the District of Columbia Circuit ("Court") to deny the petition of OM Financial Life Insurance Company ("Old Mutual") to stay the effective date of Rule 151A ("Rule") for two years after the possible reissuance of the Rule

“Modernizing” the regulation of financial services and products: implications for the insurance and fund industries

Jorden Burt LLP
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USA
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May 27 2009

Many proposals have recently been made to address perceived inadequacies in the regulation of various aspects of the financial services industry

SEC files and settles another finite reinsurance enforcement action, this time with Prudential Financial

Jorden Burt LLP
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USA
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August 12 2008

The Securities and Exchange Commission has filed a lawsuit against Prudential Financial, Inc., alleging violations of the financial reporting, books-and-records and internal control provisions of the Securities Exchange Act of 1934, based upon its former property and casualty subsidiaries ("Prupac") entering into so-called finite reinsurance contracts with General Reinsurance Corporation

A regulatory Mulligan for the 21st century

Jorden Burt LLP
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USA
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December 31 2008

By now, almost everyone can agree that current regulatory regimes (or the implementation thereof) have not adequately addressed new financial products and practices that have developed in the past few years