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Article

Locke Lord LLP | USA | 16 Jul 2010

Financial reform package preserves the role of state insurance departments in regulating indexed annuities

In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011.

Article

Locke Lord LLP | USA | 21 Jun 2010

House and Senate conferees close on establishing Federal Insurance Office; include state insurance regulator on Financial Stability Oversight Council

With only a few key differences to overcome, the House and Senate have hammered out several points regarding the creation of an office to monitor the insurance industry as part of the currently debated financial industry reform bill.

Article

Locke Lord LLP | USA | 18 Jun 2010

State insurance commissioners make their case for inclusion in the Financial Stability Oversight Council

In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC").

Article

Locke Lord LLP | USA | 19 May 2010

Wisconsin Governor signs life settlement law

On May 13, 2010, Wisconsin Governor Jim Doyle signed into law Senate Bill 513 ("SB 513") governing life settlements.

Article

Locke Lord LLP | USA | 23 Apr 2010

NAIC adopts revisions to suitability in Annuity Transactions Model Regulation

On March 28, 2010, the National Association of Insurance Commissioners ("NAIC") issued a press release announcing adoption of revisions to the existing Suitability in Annuity Transactions Model Regulation (the "Model").

Article

Locke Lord LLP | USA | 30 Mar 2010

NAIC provides details regarding upcoming hearing on stranger-owned annuities

The NAIC issued a press release earlier this month announcing its intent to hold a public hearing on the emergence of stranger originatedowned annuity transactions (“STAT”), but did not specify the date or location of the hearing.

Article

Locke Lord LLP | USA | 25 Jan 2010

Connecticut proposes new regulation to protect seniors

The Connecticut Insurance Department issued a proposed regulation (the "Proposed Regulation") relating to use of senior-specific certifications and professional designations in the sale of life insurance and annuities.

Article

Locke Lord LLP | USA | 12 Jan 2010

New York adopts revisions to Regulation 118 governing audited financial statements

On December 28, 2009, the New York Insurance Department ("NYID") issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis.

Article

Locke Lord LLP | USA | 15 Dec 2009

NAIC subgroup adopts White Paper on Alternative Mechanisms for Troubled Companies

During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the "White Paper on Alternative Mechanisms for Troubled Companies" (the "White Paper").

Article

Locke Lord LLP | USA | 10 Dec 2009

NAIC adopts 2010 budget

The National Association of Insurance Commissioners (“NAIC”) adopted a $70.9 million operating budget for 2010 at its winter meeting in San Francisco on Monday, December 7.

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