FORC Journal - Vol. 26 Edition 4 - Winter 2015

Another issue of the Journal is now available. This issue promises to deliver yet another compelling assortment of articles pertaining to regulatory law and the insurance industry.  Thank you to our members who generously donated their time and expertise to this publication.  Please share these authoritative and topical articles with your colleagues.

Kenneth Levine, Journal Editor

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LIFE INSURANCE AS AN INVESTMENT BY A DEATHCARE TRUST: FLORIDA’S TREATMENT AND AN ARGUMENT IN FAVOR

By  Wendy Russell Wiener, Esq., BROAD AND CASSEL
Many states allow trustees of certain types of deathcare trusts to invest trust funds in life insurance policies.

FIVE THINGS INSURERS NEED TO KNOW BEFORE TRANSACTING AN INSURANCE BUSINESS IN CALIFORNIA

By  Frederic Garsson, Esq., SAUL EWING LLP
Insurers that are interested in entering the California insurance market should be aware that in at least five important respects, insurance is regulated in California differently than in most other U.S. states.

LOUISIANA DEADLINE FOR CORPORATE GOVERNANCE ANNUAL DISCLOSURE IS FAST-APPROACHING; ARE YOU READY?

By  Van R. Mayhall, Jr., Esq., BREAZEALE, SACHSE & WILSON, L.L.P. Van R. Mayhall, III, Esq., BREAZEALE, SACHSE & WILSON, L.L.P. Sunny Mayhall West, Esq., BREAZEALE, SACHSE & WILSON, L.L.P.
In 2014, the Financial Condition Committee of the National Association of Insurance Commissioners (“NAIC”) completed an almost five year study on corporate governance in the insurance business.

ANOTHER SOUTH CAROLINA FIRST

By  Michael A. Molony, Esq., YOUNG, CLEMENT, RIVERS, LLP, and T. Douglas Concannon, Esq., YOUNG CLEMENT RIVERS, LLP
The South Carolina Department of Insurance (the “SC DOI”) recently approved the first application for a Special Purpose Financial Captive (“SPFC”) that met specific modeling and financing standards included in the newly-proposed Actuarial Guideline X

DODD-FRANK ACT REFORMS THE REGULATION AND TAXATION OF SURPLUS LINES INSURANCE

By  Kevin G. Fitzgerald, Esq., FOLEY & LARDNER LLP & J. Michael Davis, Foley & Lardner LLP
Tucked within the 849 pages of the recently-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") are the 8 pages comprising the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA").