Sutherland - Papers
Legal Alert: Cost of Insurance Litigation - Recent Ruling on Meaning of "Mortality Experience" and Other Developments (February 7, 2011)
Legal Alert: Cost of Insurance Litigation – Insurers Retain Discretion to Set COI Rates in Two Key Victories (December 18, 2013)
Legal Alert: Cost of Insurance Litigation -- District Court Says Stick to Enumerated Factors (April 30, 2014)
Legal Alerts - Reserving Judgment—New proposed regulations issued on computation and reporting of life insurance reserves (April 15, 2020)
The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) recently published a notice of proposed rulemaking (Proposed Regulations) regarding the computation of life insurance ...
Legal Alerts - SEC adopts groundbreaking disclosure improvements for variable insurance contracts (March 19, 2020)
On March 11, 2020, the Securities and Exchange Commission (“SEC” or “Commission”) adopted a new prospectus disclosure framework, including new rules, rule amendments and registration statement form ...
Legal Alerts - New York Circular Letter No. 1 (2019) takes aim at accelerated underwriting (February 26, 2019)
On January 18, 2019, the New York Department of Financial Services (NYDFS) issued a circular letter to all insurers authorized to write life insurance in New York State setting out the Department’s ...
Legal Alerts - SEC proposes new variable contract disclosure regime (November 6, 2018)
The US Securities and Exchange Commission (SEC or Commission) recently proposed a new disclosure framework for SEC-registered variable annuity contracts and variable life insurance policies ...
Legal Alerts - Legal Alert: IRS issues key audit directive for life insurers (September 13, 2018)
The Internal Revenue Service (IRS) Large Business and International (LB&I) division recently released an Industry Director’s Directive (IDD) that provides key guidance for life insurers.1 The IDD is ...
Legal Alerts - 2020 is hereby incorporated by reference—Maximizing deal value through thoughtful disclosure (April 21, 2020)
When the last of the cool spring days are behind us, stay-at-home orders are lifted, and M&A activity begins to resume in earnest, the high of the seemingly unending “seller’s market” of the past few ...
Legal Alerts - NAIC Report – 2019 Summer National Meeting (August 20, 2019)
The National Association of Insurance Commissioners (NAIC) held its 2019 Summer National Meeting from August 3 through August 6 in New York City. Typically the sleepier one among the NAIC’s three ...
Legal Alerts - Legal Alert: Insurance Topics We Will Be Watching in 2018 (January 16, 2018)
On its current course, this year could be both the best and the worst of times for insurance. The US economy continues to enjoy steady growth, stock indices continue to reach new highs and tax reform ...
Legal Alerts - Legal Alert: New York Proposes "Best Interest" Standard for Life and Annuity Sales Alongside NAIC Proposal for Annuities (January 4, 2018)
On December 27, 2017, the New York Department of Financial Services (NYS-DFS), the regulatory authority for the insurance industry in New York, published a proposal (New York Proposal) to add a “best ...
Legal Alerts - Legal Alert: Basic-Supplemental Life Insurance Plan Pricing Structure Upheld in ERISA Class Action (May 4, 2016)
An employee benefit plan that includes an alleged subsidization component for its basic and supplemental options is neither prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) ...
Legal Alerts - Legal Alert: IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms (May 11, 2016)
On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance ..
Legal Alerts - The Final Rule: DOL’s Expanded Definition of Investment Advice Fiduciary Under ERISA and Revised Complex of Exemptions (April 12, 2016)
Just less than a year since its proposal, and just more than six months after receiving thousands of pages of commentary, petitions and hearing testimony, the Department of Labor finalized its ...
Legal Alerts - NAIC IUL Illustration (A) Subgroup Approves Proposed Revisions to Actuarial Guideline 49 for Exposure and Comment (March 2, 2016)
On February 24, the IUL Illustration (A) Subgroup of the Life Actuarial (A) Task Force approved proposed revisions to Actuarial Guideline 49 (A.G. 49) for exposure and comment. Among other things, ...
Legal Alerts - Legal Alert: Price Optimization: 2015 Year in Review and a Look Ahead (January 20, 2016)
2015 saw approximately one-third of U.S. states1 join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National ...
Legal Alerts - Legal Alert: NAIC Close to Adopting Guideline for IUL Illustrations (June 10, 2015)
On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), ...
On June 4, after long deliberation and extensive consultation with issuers of indexed universal life (IUL) insurance policies and other interested parties by the Life Actuarial (A) Task Force (LATF), ...
Legal Alerts - SEC approves investment advice standard of conduct rules (June 5, 2019)
Today, in a 3-1 vote, the US Securities and Exchange Commission (SEC) adopted a comprehensive package of rulemakings and interpretations governing the standard of conduct applicable to broker-dealers ...
Legal Alerts - Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers (January 14, 2014)
If you have any questions, please contact Brian Barrett or Jamie Cain. On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller ...
Legal Alerts - Legal Alert: FIO Report Sets the Agenda for Discourse on the Future of Insurance Regulation (January 14, 2014)
INTRODUCTION On December 12, 2013, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury released its much anticipated study, How to Modernize and Improve the System of Insurance ...
Legal Alerts - Legal Alert: Final Volcker Rule: Update and Key Takeaways (January 13, 2014)
If you have any questions, please contact Brian Barrett or Jamie Cain. On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the ...
Legal Alerts - Legal Alert: 2013 in Review: ERISA Individual Prohibited Transaction Exemptions and Advisory Opinions (January 7, 2014)
In 2013, the Department of Labor (DOL) maintained a modest program of advance guidance under the Employment Retirement Income Security Act of 1974, as amended (ERISA), in response to requests from ...
Legal Alerts - Legal Alert: West Virginia Trial Court: No Duty to Search the Death Master File (January 6, 2014)
In a substantial victory for the life insurance industry on the unclaimed property issue, a West Virginia Circuit Court has held that insurers have no duty to search the Social Security ...
Legal Alerts - Legal Alert: NAIC Report: Fall 2013 National Meeting (December 23, 2013)
The National Association of Insurance Commissioners (NAIC) returned to Washington, D.C. for its Fall meeting – the final national meeting for 2013. Two notable events overshadowed technical work on ...
Legal Alerts - Legal Alert: U.S. Supreme Court Upholds Plan’s Statute of Limitations for Setting Deadline for Filing Claims in Court (December 20, 2013)
In Heimeshoff v. Hartford Life & Accident Insurance Co.,1 the U.S. Supreme Court upheld a long-term disability plan’s right to contractually set the statute of limitations for filing a claim in court ...
Legal Alerts - Legal Alert: Cost of Insurance Litigation – Insurers Retain Discretion to Set COI Rates in Two Key Victories (December 18, 2013)
In the first federal appellate decisions addressing cost of insurance (COI) charges in life insurance policies, the Seventh Circuit Court of Appeals handed two victories to insurers in opinions ...
Legal Alerts - Legal Alert: Federal Agencies Issue Final Volcker Rule (December 13, 2013)
On December 10, 2013, five federal agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange ...
Legal Alerts - Legal Alert: Impact of International Tax Reform Proposals on U.S. Insurance Companies (November 25, 2013)
On November 19, retiring Senate Finance Committee Chairman Max Baucus (D-Mont.) released a “Discussion Draft” setting forth his international tax reform proposals. Of note, the Discussion Draft ...
Legal Alerts - Legal Alert: Florida Announces DMF Search Requirement and Date-of-Death Dormancy Trigger (October 14, 2013)
In an administrative declaratory ruling, the Florida Department of Financial Services (DFS) announced that Florida’s unclaimed property statute requires life insurers to search the Social Security ...
Legal Alerts - Legal Alert: California Controller’s Handbook Requires Insurers to Perform Quarterly DMF Searches (October 9, 2013)
In a recently released update to its Unclaimed Property Holder Handbook (Handbook), the California State Controller’s Office has apparently taken the position that life insurers must search the ...
Legal Alerts - Legal Alert: Acquisitions of Insurers by Private Equity Firms Under Heightened Regulatory Scrutiny (September 18, 2013)
In recent months, the New York Department of Financial Services (the DFS) has raised concerns over the perceived trend of private equity firms and other investment companies acquiring insurance
Legal Alerts - Legal Alert: IRS Provides Guidance on PPA Rules for Employer-Owned Life Insurance (June 2, 2009)
Legal Alerts - Legal Alert: IRS Rules on Secondary Market Sales of Life Insurance Contracts (May 5, 2009)
Legal Alerts - Legal Alert: Insurance Industry Capital and Surplus Relief Proposal Gains New Life (January 28, 2009)
Legal Alerts - Legal Alert: IRS Issues Form to Report Employer-Owned Life Insurance (February 7, 2008)
Legal Alerts - Legal Alert: IRS Implements Information Reporting for Employer-Owned Life Insurance (November 19, 2007)
Legal Alerts - Legal Alert: IRS Rules on Section 419 Funds Utilizing Cash Value Life Insurance (October 22, 2007)
Legal Alerts - Legal Alert: IRS and Treasury Complete Guidance on Valuation of Life Insurance Contracts on Employee Benefit Arrangements (August 30, 2005)
Legal Alerts - Legal Alert: IRS Issues Guidance on the Purchase and Valuation of Life Insurance Contracts (March 5, 2004)
Legal Alerts - Legal Alert: IRS Issues Final Regulations on Taxation of Split-Dollar Life Insurance Arrangements (September 29, 2003)
Legal Alerts - Legal Alert: Proposed Regulations On Split-Dollar Life Insurance Arrangements (July 9, 2002)
Federal Register / Vol. 67, No. 131 / Tuesday, July 9, 2002 / Proposed Rules
Legal Alerts - Legal Alert: IRS Issues Proposed Regulations on Split-Dollar Life Insurance Arrangements (July 9, 2002)
Legal Alerts - Legal Alert: Adoption of Form N-6: Registration Form for Variable Life Insurance (April 15, 2002)
Legal Alerts - Legal Alert: IRS Notice 2002-8 (providing additional guidance on the taxation of life insurance) (January 4, 2002)
Legal Alerts - Employee Benefits Developments (September 1, 1999)
Transportation Fringes May Be Funded Through Salary Reduction. In the Taxpayer Relief Act of 1997, Internal Revenue Code ("Code") section 132(f) was amended to provide that an employee may choose ..
Legal Alerts - Legal Alert: NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation (November 24, 2014)
The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among ...
Legal Alerts - Legal Alert: Cost of Insurance Litigation -- District Court Says Stick to Enumerated Factors (April 30, 2014)
In a class action challenging a cost of insurance (COI) rate increase, a New York federal district court has stated that an insurer may only consider factors specifically enumerated in the policy ...
Legal Alerts - NAIC Report: 2014 Spring National Meeting (April 14, 2014)
The National Association of Insurance Commissioners (NAIC) met for its Spring National Meeting in Orlando, Florida from March 29 through April 1. Typical for the first national meeting of the year, ...
Legal Alerts - Legal Alert: Insurance Topics We Will Be Watching in 2014 (February 6, 2014)
With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014. Forces, trends and events that we believe will affect regulation, ...
Legal Alerts - Legal Alert: Massachusetts Governor Proposes Insurance Industry Pass-Through Tax (January 30, 2014)
Massachusetts Governor Deval Patrick released his proposed FY 2015 budget on January 22, 2014. The proposed budget includes a tax provision that is targeted directly at the licensed insurance ...
Legal Alerts - Legal Alert: The 2013 Tax Litigation Year in Review: Important Events (January 30, 2014)
As we look forward to 2014, we take a look back at the top 10 important tax controversy issues making the news in 2013 that may have continuing importance in the future. Woods – Court Rules ...
Legal Alerts - Legal Alert: Federal Insurance Issues We Are Watching During Fall 2013 (September 10, 2013)
The United States Congress has returned from its summer recess. On its first full day back in session, the U.S. House of Representatives passed (by a vote of 397-6) long-stalled legislation that ...
Legal Alerts - Legal Alert: NAIC Report: 2013 Summer National Meeting (September 3, 2013)
The National Association of Insurance Commissioners (NAIC) met in Indianapolis, Indiana, from August 24-27, 2013. Typical for the mid-year meeting, activity largely consisted of reports by various ...
Legal Alerts - Legal Alert: A Marriage Made in Washington: Treasury and IRS Recognize Same-Sex Marriages for Tax Purposes (August 30, 2013)
On August 29, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS), following the U.S. Supreme Court’s decision in United States v. Windsor, jointly announced the ...
Legal Alerts - Legal Alert: Federal District Court Validates Insurer’s Retention of Policy Proceeds Until Receiving Proof of Death (August 22, 2013)
On August 20, 2013, the United States District Court for the District of Massachusetts dismissed a putative class action over an insurer’s alleged failure to timely pay life insurance policy death ...
Legal Alerts - Legal Alert: New York Adopts Holding Company Act Amendments (August 5, 2013)
On July 31, 2013, Governor Cuomo signed into law New York Assembly Bill 7807A, which adopts key changes to the regulation of insurance holding company systems in New York under Article 15 of the New ...
Legal Alerts - Legal Alert: Fall of the DOMA-n Empire: Practical Employee Benefits Implications (July 1, 2013)
On June 26, the U.S. Supreme Court decided United States v. Windsor, striking down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional and holding that same-sex marriages ...
Legal Alerts - Legal Alert: DOL Proposes to Substitute Creditworthiness Determinations for Credit Ratings in ERISA Prohibited Transaction Class Exemptions (June 28, 2013)
On June 21, 2013, the Department of Labor (DOL) published proposed amendments to certain class exemptions required by Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, ...
Legal Alerts - Legal Alert: New York Department of Financial Services Issues 308 Request on Cyber Threats (June 11, 2013)
On May 28, 2013, the New York State Department of Financial Services (DFS) sent inquiries to 31 of the largest life, health and property/casualty insurance companies pursuant to its authority under ...
Legal Alerts - Legal Alert: DOL Issues Advance Notice of Proposed Rulemaking on Lifetime Income Estimates in Plan Participant Statements (May 8, 2013)
On May 7, 2013, the Department of Labor released an advance notice of proposed rulemaking (ANPRM) that seeks commentary on requiring a projection of estimated lifetime income to be included in ...
Legal Alerts - Legal Alert: NAIC Report: 2013 Spring National Meeting (April 22, 2013)
The following are some highlights from the Spring National Meeting of the National Association of Insurance Commissioners (NAIC), held in Houston, Texas from April 6-9, 2013. This was the first ...
Legal Alerts - Legal Alert: Senate Finance Committee Hears Testimony on Proposal to Limit Access to Death Master File (April 19, 2013)
On April 16, 2013, the Senate Finance Committee held a hearing on “Tax Fraud and Tax ID Theft: Moving Forward With Solutions,” including testimony on proposals to restrict access to the Social ...
Legal Alerts - Legal Alert: New Budget Proposals Once Again Target Insurance Companies (April 15, 2013)
On April 10, the Obama Administration released its fiscal year 2014 budget (FY 2014 Budget). Of note, the FY 2014 Budget includes a number of tax proposals that target insurance companies or that ...
Legal Alerts - Legal Alert: Administration Proposes To Limit Access To Death Master File (April 15, 2013)
Over the past two years, states have undertaken various initiatives–including audits, exams, regulations, and legislation–intended to require insurers to compare their life insurance policy records ...
Legal Alerts - Legal Alert: Constitutional Challenge to Kentucky's Death Master File Statute Rejected (April 4, 2013)
A Kentucky state trial court has rejected a challenge to a state statute requiring life insurers to search the Social Security Administration Death Master File (DMF) and attempt to locate potential ...
Legal Alerts - Legal Alert: Retained Asset Account Litigation - Summary Judgment Entered for MetLife (March 20, 2013)
Keife v. Metropolitan Life Insurance Company, No. 3:10-cv-0546-LRH-VPC, and Simon v. Metropolitan Life Insurance Company, No. 3:10-cv-0916-LRH-VPC On March 8, 2013, the U.S. District Court for the ...
Legal Alerts - Legal Alert: Cost of Insurance Litigation – Recent Rulings Diverge on the Scope of Insurer Discretion to Set Rates (February 6, 2013)
Litigation continues in various cases challenging cost of insurance rates (COI) in life insurance policies, and January 2013 saw courts issue decisions going both ways on insurer discretion to set ...
Legal Alerts - Legal Alert: The New York Department of Financial Services Announces Emergency Promulgation of Insurance Regulation 200 on Unclaimed Life Insurance Benefits (May 18, 2012)
Legal Alerts - Legal Alert: Illustration Disclosures Lead to Dismissal of Universal Life Insurance Class Action (November 29, 2011)
Legal Alerts - Legal Alert: IRS Issues Interim Guidance on the Federal Income Tax Treatment of Annuity and Life Insurance Contracts with a Long-Term Care Insurance Feature (August 16, 2011)
Legal Alerts - Legal Alert: Insurance Regulators Heighten Focus on Life Insurer’s Separate Accounts (March 17, 2011)