The New York State Department of Financial Services provided temporary relief to consumers and businesses from making premium payments to life insurance companies, property and casualty insurers, and premium finance agencies.
An insurance and financial holding company settled SEC charges for failing to maintain (i) accurate books and records and (ii) a sufficient system of internal account controls in connection with its annuities products.
The Senate Banking Committee considered testimony on the "serious concern" caused by an International Association of Insurance Supervisors' consultative document on global insurance regulations and supervisory forums.
The DOJ and U.S. Attorney's Office for the Eastern District of New York closed an investigation of a Barbados insurance company after the company agreed to disgorge profits obtained in connection with alleged violations of the Foreign Corrupt Practices Act.
New York Department of Financial Services Superintendent Maria Vullo reminded all DFS-regulated entities covered by DFS's cybersecurity regulation that the third transitional period of New York's "first-in-the-nation" cybersecurity regulation terminates on September 4, 2018.
The Financial Crimes Enforcement Network ("FinCEN") expanded its efforts to combat money laundering in the luxury residential real estate market. FinCen also issued guidance on the risks associated with "all-cash" transactions in that market.
The Department of Labor issued a final rule delaying the applicability date of the DOL’s rule defining who is a fiduciary under ERISA and Section 4975 of the Internal Revenue Code in connection with the provision of investment advice and certain related prohibited transaction exemptions (including the Best Interest Contract Exemption and the Principal Transaction Exemption) by 60 days.
Forty House Democrats urged the Acting Secretary of the DOL Office of Regulations and Interpretations Employee Benefits Security Administration to reconsider the DOL's proposed delay of the fiduciary rule.
U.S. District Court for the Northern District of Texas Dallas Division Chief Judge Barbara M.G. Lynn denied a motion for summary judgment by the Chamber of Commerce, et. al. to challenge and vacate the heightened fiduciary standards mandated by the DOL fiduciary rule.
The SEC Division of Corporation Finance granted an exemption from the registration of membership interests in a Wisconsin mutual insurance company undergoing reorganization to become a stock insurance company.