Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: Insurance Capital Markets

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SEC Report Recommends Defining Life Settlements as “Securities”; GAO Releases Separate Study

Posted in Insurance Capital Markets
On July 22, the Securities and Exchange Commission released a staff report recommending that life settlements be clearly defined as "securities" for purposes of the federal securities laws in order to better protect investors. The report was prepared by the Commission’s Life Settlements Task Force, which had been created in August 2009 to examine emerging… Continue Reading

House-Senate Conferees on Financial Reform Agree to Scope of Insurance Regulation

Posted in Insurance Capital Markets
Last week, through negotiations among the House of Representatives and Senate conferees on the financial services reform legislation, agreement was reached on the scope of a proposed insurance office within the U.S. Treasury Department to be led by a newly appointed Director. The Senate Banking Committee, in its press release on progress on the draft… Continue Reading

Ambac Commutes Policies Supporting CDOs of Asset-Backed Securities with Banks

Posted in Insurance Capital Markets
Ambac Financial Group, Inc., the parent of Ambac Assurance Corporation (AAC), announced yesterday that it had terminated all of its remaining exposure to collateralized debt obligations (CDOs) of asset-backed securities (ABS) totaling $16.4 billion. The termination or commutation involved entry by AAC into a settlement agreement with counterparties to outstanding credit default swaps with Ambac… Continue Reading

Rhode Island Court Rules on Stranger-Originated Annuities

Posted in Insurance Capital Markets
A federal judge in Rhode Island last week issued a ruling that raised questions as to whether life insurers can rely on state insurable interest laws to void sales of stranger-originated annuities. In suits brought by Western Reserve Life Assurance Co. of Ohio and Transamerica Life Insurance Co. against broker-dealers and an estate planning attorney,… Continue Reading