Bills
Primary Regulators of Insurance Vote Act
Primary Regulators of Insurance Vote Act S.1298 – Primary Regulators of Insurance Vote Act of 2019 S.3177 – Primary Regulators of Insurance Vote Act of 2018 2021 05 – NAIC – FSOC Vote for Insurance Regulators (H.R. 3099) – 1p The NAIC supports the Primary Regulators of Insurance Vote Act (H.R. 3099), which would grant…
Read MoreCFMA – Commodity Futures Modernization Act
CFMA – Commodity Futures Modernization Act of 2000 Commodity Exchange Act en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that ensured financial products known as over-the-counter (OTC) derivatives remained unregulated. It was signed into law on December 21, 2000 by President Bill Clinton. Commodity Exchange Act (ch. 545, 49 Stat. 1491, enacted June 15, 1936) is a federal act passed in 1936…
Read MoreFinancial Services Modernization – Government Hearings
Financial Services Modernization – GOV House – Financial Services Committee financialservices.house.gov/ c-span.org/organization/?2106/Financial-Services CSPAN House Commerce Subcommittee on Telecommunications and Finance House Commerce Subcommittee on Commerce, Trade and Hazardous Materials 1998 – LR – Functional Regulation of Bank Insurance Activities: The Time Has Come – 35p (noting that the American Council of Life Insurance (ACLI), the…
Read MoreDodd-Frank Act
Dodd-Frank Act Chris Dodd (D-CT) Barney Frank (D-MA) enacted on July 21, 2010 H.R.4173 – Dodd-Frank Wall Street Reform and Consumer Protection Act – 111th Congress (2009-2010) congress.gov/bill/111th-congress/house-bill/4173/text H. Rept. 111-517 – DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT, 111th Congress (2009-2010) 2010 0729 – GOV (Senate) banking.senate.gov/hearings/house/senate-conference-hr-4173-wall-street-reform-legislation 2010 Conference on Financial Regulations Bill…
Read MoreMcCarran-Ferguson Act
McCarran-Ferguson Act 1945 – Congress – McCarran-Ferguson Act of 1945 Senator Homer Ferguson (R-MI) – 1943-1955 Senator Pat McCarran – (D-NV) – 1933-1954 1869 – LC – Paul v Virginia 1944 – LC – United States v. South-Eastern Underwriters Association – United States Supreme Court It is important to note that McCarran is a power-sharing statute…
Read MoreNARAB – National Association of Registered Agents and Brokers
NARAB – National Association of Registered Agents and Brokers 2000 0412 – Testimony – NAIC to GOV (Senate) – State Implementation of the NARAB Subtitle in the Gramm-Leach-Bliley Act, Testimony of the Financial Services Modernization NARAB Working Group, Terri Vaughan (IA) – 19p Senate – Committee on Banking, Housing, and Urban Affairs – Securities Subcommittee…
Read MoreGLBA-Gramm–Leach–Bliley-Act
GLBA – Gramm–Leach–Bliley enacted November 12, 1999 2000 – AP – Banking and Insurance: Before and after the Gramm-Leach-Bliley Act, by Markham, Broome – 66p 1991 – GreenBook- federalreserve.gov/monetarypolicy/fomchistorical1991.htm PUBLIC LAW 106–102—NOV. 12, 1999 – https://www.govinfo.gov/content/pkg/PLAW-106publ102/pdf/PLAW-106publ102.pdf https://ia802703.us.archive.org/14/items/hr10thefinancial00unit/hr10thefinancial00unit.pdf wikipedia-Gramm Leach Bliley Act – GLBA Banking, Housing, and Urban Affairs The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act…
Read MoreConsolidated Appropriations Act 2021
Consolidated Appropriations Act 2021 2020 0521 – NAIC – Life Actuarial (A) Task Force Conference Call May 21, 2020 You’re caught into this box where you’ve got a product that, when you go back to that format, it’s an iteration of the product that can’t exist. The intent is, if you’re selling this thing as…
Read MoreTEFRA
TEFRA TEFRA – DEFRA – TAMRA 1982 – TEFRA – Tax Equity and Fiscal Responsibility Act of 1982 – congress.gov/bill/97th-congress/house-bill/4961 Stopgap Law Metzenbaum, Dole, Long congress.gov/98/crecb/1984/04/10/GPO-CRECB-1984-pt6-6-2.pdf What happened under TEFRA? Several things: We lost MODCO 820 forever. We had a deceptively modest reduction in 818(c)2. A lot of the teeth were taken out of reinsurance…
Read MoreDEFRA
DEFRA Probably everyone in this room remembers the lengthy—not to say exhausting—effort that went behind the changes in life insurance taxation enacted by the Deficit Reduction Act of 1984. It was agreed by us and by the industry that, in the context of current law, this effort probably eliminated the abuses we had seen in…
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