- The US Department of Labor (DOL) provides the Voluntary Fiduciary Correction Program (VFCP) for benefit plan sponsors that need to correct various violations of the Employee Retirement Income Security Act of 1974 (ERISA). Some examples include failing to timely remit participant contributions and loan repayments to the plan, and making below market interest rate loans with parties in interest.
- State and local tax matters have become a primary area of concern for law firms.
- The newest revision to the Insurance Holding Company System Model Regulation (the Act) has added the annual filing requirement of Form F - Enterprise Risk Reporting. Form F focuses on risk created by non-regulated entities, while ORSA primarily focuses on regulated entity risk.
- There were several items of interest that came from the Statutory Accounting Principles Working Group at the summer meeting of the National Association of Insurance Commissioners (NAIC). These include SSAP No. 35R - guaranty fund and other assessments, Issue paper No. 146 - share-based payments with non-employees, and the new SSAP regarding working capital finance investments.
- The Financial Accounting Standards Board (FASB) recently issued Proposed Accounting Standards Update - Insurance Contracts (Topic 834) (the update) to improve current US generally accepted accounting principles (GAAP) and to move toward an international standard.
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