Lewis A. Burleigh
Dechert LLP
Articles
NAIC rule on CTLs: unintended consequences
USA - July 27 2011 The National Association of Insurance Commissioners (“NAIC”) recently set off a firestorm among life insurance companies that invest in credit tenant loans (“CTLs”) and other so-called “loan-backed and structured securities” by adopting regulations that change the NAIC designation of debt securities (other than those already designated NAIC-1), which trade in the secondary market at either a discount from face value or at a premium (or are carried on the books of an insurance company at either a premium or discount).
Stand by for changes in lease accounting
USA - March 10 2011 The Financial Accounting Standards Board (FASB) circulated on August 17, 2010 an Exposure Draft (ED) presaging a major overhaul in the accounting for leases by both lessors and lessees.
