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On 22 March 2013, a company and its director were acquitted by the Hong Kong’s Magistrate’s Court of four counts of issuing advertisements to promote a collective investment scheme, including posting relevant information on the company’s website, without the authorisation of the Securities and Futures Commission (SFC) in contravention of section 103 of the Securities and Futures Ordinance.
Read More Internet marketing of collective investment schemes to professional investors

The Competition Commission (CC) has published an annotated issues statement in its investigation into private motor insurance. This follows the reference of the market by the Office of Fair Trading (OFT) to the CC in October 2012 (please see our previous blog here).
Read More UK: Competition Commission publishes annotated issues statement in private motor insurance investigation

On July 9, 2013, the Financial Stability Oversight Council (FSOC) announced that it has named American International Group, Inc. (AIG) and General Electric Capital Corporation, Inc. (GE) as systemically significant to the U.S. financial system. This designation (also known as SIFI or “systemically important financial institution”) triggers supervision by the Federal Reserve Board and requires that the named company follow enhanced regulatory standards. …
Read More FSOC Designates AIG and GE Capital as SIFIs

This week, Utah Senator Orrin Hatch introduced Bill S. 1270, which, if enacted, would permit state and local governments to transfer their pensions programs to life insurers. The purpose of this bill is to strengthen government pension plans, since, due to the erosion of pension plan assets as a result of the financial crisis, there is generally perceived to be an enormous gap between the pension benefits required to be paid to workers and the funds available to make such payments. …
Read More Senate Bill to Permit Transfer of Public Pension Programs to Life Insurers

The New York Department of Financial Services (“DFS”) has recently begun a string of new investigations into possible violations by non-U.S. reinsurers of U.S. sanctions against Iran, specifically those set forth in the Iran Freedom and Counter-Proliferation Act of 2012 (the “IFCPA”) that became effective on July 1, 2013. …
Read More New York Initiates Investigations into Possible Violations of the Latest U.S. Sanctions against Iran

On June 20, 2013, the New York legislature passed Bills A07807A/S04329-A (the “Amendments”). The purpose of the Amendments is to adopt recent changes to the National Association of Insurance Commissioners’ (“NAIC”) Model Holding Company System Regulatory Act (the “Model Act”). Earlier this year, the New York Department of Financial Services (“DFS”) adopted several amendments to Insurance Regulation 52 to conform with these changes to the Model Act. …
Read More New York Passes Statutory Amendments to Holding Company Act

Sun Life Financial Inc. announced on June 21, 2013 that it expects the review by the New York Department of Financial Services (DFS) of investments by private equity firms in reinsurers of annuities to delay past June 30, 2013 Sun Life’s sale of its U.S. annuity business to Delaware Life Holdings, LLC, a company owned by shareholders of Guggenheim Partners. Click here for a link to Sun Life’s press release. …
Read More New York DFS Review of Private Equity Investments Delays Sun Life Transaction

As we previously reported here, the National Association of Registered Agents and Brokers Reform Act of 2013 (S. 534) was introduced to the Senate and the House earlier this year and, if passed into law, would establish the National Association of Registered Agents and Brokers (“NARAB”), a nonprofit corporation to license nonresident agents and brokers. The main benefit of NARAB would be that agents and brokers who are already licensed in one state could join NARAB and become licensed in all other states. …
Read More National Association of Registered Agents and Brokers Reform Act Advances on Capitol Hill