News & Analysis as of

Exemptions Insurance Industry

Womble Bond Dickinson

The Impact of the Corporate Transparency Act on Companies in a Captive Insurance Structure

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Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by...more

Dechert LLP

Yet Another DOL Fiduciary Rule Released: Will the ‘Regular Basis’ of Prior Outcomes Follow ‘Suit’?

Dechert LLP on

The Department of Labor issued a final release (the “Final Release”) which (1) finalized changes to its 1975 rule defining when institutions and individuals are providing fiduciary “investment advice” to plans that are...more

Goodwin

The Department of Labor Finalizes Changes to the QPAM Exemption - A Favored Management Tool Gets Less User-Friendly

Goodwin on

On April 3, 2024, the Department of Labor (DOL) published final changes to Prohibited Transaction Class Exemption 84-14, commonly known as the “QPAM Exemption”. The changes make reliance on the QPAM Exemption more burdensome...more

Mintz Edge

FinCen Publishes Final Rule on Beneficial Ownership Requirements - a Critical Step Towards Heightened Transparency in U.S....

Mintz Edge on

On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA” or the “Act”) to “better enable critical national security, intelligence and law enforcement efforts to counter money laundering, financing of...more

Conyers

UPDATE - Effective Date for Amendments to Investment Business Act 2003

Conyers on

We refer to the Conyers June 2022 alert in relation to upcoming amendments to the Investment Business Act 2003 (the “IBA”). As noted, the Investment Business (Amendment) Act 2022 was passed on 1 April, 2022 amending the IBA....more

McDermott Will & Emery

Department of Labor Exemption Impacts Investment Advice Fiduciaries

McDermott Will & Emery on

The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #57

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #54

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: An Overview - This article is an overview of the requirements of PTE 2020-02. It discusses the expanded fiduciary definition, the conditions in the PTE, and the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #40

On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that permits investment advisers, broker-dealers, banks and insurance companies, and their representatives, to receive conflicted...more

Jones Day

New Law Eliminates 75-Year-Old Antitrust Exemption for "Business of Health Insurance"

Jones Day on

The Development: Congress unanimously passed and before leaving office, President Trump signed into law, the Competitive Health Insurance Reform Act ("CHIRA"). CHIRA limits application of the McCarran-Ferguson Act, an...more

Faegre Drinker Biddle & Reath LLP

Congress Passes Amendment to McCarran-Ferguson Act to Repeal Important Antitrust Exemption for Health Insurance Companies

While the bill discussed in this alert was passed by Congress on December 22, 2020, it was not enacted by the end of its Congressional session. It is possible this bill has been signed, but Congress has not yet been notified....more

Dechert LLP

What Did the DOL Just “Rollover” (and Roll Out)? – “A Primary Basis” for Understanding the New Proposed ERISA Exemption and...

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The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more

WilmerHale

Reading the Fine Print: What Insurance Companies Need to Know About the CCPA

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The purpose of this article is to provide background information on the California Consumer Privacy Act and specifically the exemptions that generally will be applicable to the insurance industry. While developing a...more

Robins Kaplan LLP

Financial Daily Dose 11.21.2019 | Top Story: UAW President Resigns After GM Accuses Fiat Chrysler of Bribery

Robins Kaplan LLP on

More than a bit of drama in the auto world yesterday, with General Motors suing rival Fiat Chrysler, accusing it of “bribing United Auto Workers officials to gain competitive advantages in contract negotiations.”  The UAW’s...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Massachusetts Paid Family and Medical Leave Update: Private Plan Exemptions and Reminders on Notice Compliance

The Department of Paid Family and Medical Leave (DFML) continues to issue updates concerning compliance with the Massachusetts Paid Family and Medical Leave Law (PFML). The DFML’s most recent updates address private plan...more

Bradley Arant Boult Cummings LLP

Insurance Services Organization Revises Policy Forms to Address Cannabis

The Insurance Services Office, Inc. (ISO), which develops standard insurance policy forms for use by insurers, recently released its first cannabis-related endorsements (Cannabis Endorsements) to the businessowner policy...more

Faegre Drinker Biddle & Reath LLP

CCPA and IIPPA Update

Earlier this year, California legislators proposed A.B. 981 (“the proposal”), which, among other things, would have exempted insurance institutions, agents and support organizations (“insurers”) from many provisions of the...more

Faegre Drinker Biddle & Reath LLP

Proposed CCPA Amendments Addressing Insurers (CCPA Meets IIPPA)

In response to numerous comments regarding the California Consumer Privacy Act (CCPA), on February 21, 2019, Assembly Member Tom Daly (D-CA 69th) proposed AB 981, designed to clarify the privacy protection laws applicable to...more

Locke Lord LLP

Excess and Surplus Lines Laws in the United States

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Preface States’ Implementation Of NRRA IN 2016 - The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more

Orrick - Finance 20/20

European Commission Confirms Insurance Block Exemption Regulation Not to Be Renewed

Orrick - Finance 20/20 on

On December 13, 2016, the European Commission announced in a press release that Regulation 267/2010, the Insurance Block Exemption Regulation (“IBER“), will not be prevented from expiring on March 31, 2017. The IBER entered...more

Holland & Knight LLP

Religious Institutions Update: August 2016

Holland & Knight LLP on

When was the last time your organization reviewed your insurance policies? Not all policies are equal. Many religious organizations are underinsured. Most should have general liability, property, professional liability,...more

Cozen O'Connor

Overview of Chinese Insurance Law

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As global insurers continue to penetrate the Chinese market, our offices are seeing an ever increasing number of Chinese law related inquiries, including in the fields of credit and political risk, property and other lines....more

Baker Donelson

Insurer Antitrust Exemption in Europe in Jeopardy

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In the United States, the McCarran Ferguson Act provides insurers with an exemption from the federal antitrust laws. Enacted in 1945, the Act provides that conduct that constitutes the "business of insurance" is outside the...more

Dickinson Wright

Congress Begins With Renewed Efforts to Repeal Insurer’s Antitrust Exemption

Dickinson Wright on

Early into the 114th Congress, multiple bills have already been introduced that would repeal the insurance industry’s limited antitrust exemption granted by the McCarran-Ferguson Act (15 USC 1011 et seq.)....more

Dickinson Wright

Bill Seeking to Repeal the McCarran Ferguson Act’s Antitrust Exemption Introduced in Congress

Dickinson Wright on

On September 18, Congressman Phil Roe (R-Tennessee) introduced legislation (H.R. 3121) that would, among other things, amend Section 3 of the McCarran-Ferguson Act (15 U.S.C. 1013) to repeal the Act’s antitrust exemption for...more

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