Rector Report on reforming reserve financing transactions: much work remains — six developments
By David D Luce, William C Marcoux, Peter S Rice and Carla Christina Small
On 30 June 2014, the NAIC Principle-Based Reserving Implementation (EX) Task Force (‘PBR Task Force’) held a conference call to discuss comments to the modified recommendations to the report issued by Rector & Associates regarding reserve financing transactions (the ‘Rector Report’). One thing is clear — the original 1 July 2014 implementation deadline will not apply.
Based on the comment letters received by the PBR Task Force to the original Rector Report, modified recommendations to the Rector Report were issued on 4 June 2014.
The PBR Task Force voted to adopt the XXX/AXXX Reinsurance Framework, with New York and California voting against the adoption. Various NAIC task forces and working groups, such as the Life Actuarial (A) Task Force (LATF), Blanks (E) Working Group and the Executive Committee, are now assigned to develop the technical and actuarial details…
Click on the link below to read the rest of the DLA Piper briefing.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The government has released an exposure draft of the Exploration Development Incentive (EDI) legislation.
China’s State Administration of Taxation actively advances the Base Erosion and Profit Shifting 2014 Deliverables
In September 2014, SAT released a Chinese translation of the G20/OECD BEPS 2014 Deliverables. This was followed by a conference discussion between SAT and taxpayers.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.