Compliance & Legal Sections Annual Meeting 2012
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Compliance & Legal Sections Annual Meeting 2012 Compliance & Legal Sections Annual Meeting 2012 Document Transcript

  • MONDAY, JULY 16 9:30 AM–4:30 PM REGISTRATION—Registration Desk #5 11:00 AM–12:30 PM WELCOME AND OPENING REMARKS—Palace Ballroom III Chair: Legal Section, Raymond Manista, Senior Vice President, General Counsel & Secretary, Northwestern Mutual Chair: Compliance Section, Maureen Closson, Senior Vice President & Chief Compliance Officer, Aviva USA GENERAL SESSION NAIC & REGULATORY ISSUES UPDATE Nevada Insurance Commissioner Scott Kipper will provide his perspective on developments in the long term care insurance marketplace and regulators response to recent rate increases and consolidation. He will discuss the Divisions 2013 legislative agenda, which will include removing the LTC opt out from the states Interstate Compact law. The Commissioner will also touch on the NAICs work in the area of International Accounting Standards. Scott Kipper, Commissioner, State of Nevada Division of Insurance 12:30–2:00 PM LUNCHEON—Palace Ballroom I CYBERSECURITY: ARE WE MORE OR LESS VULNERABLE? Your business is poised for enormous gains over the next decade, thanks to innovations in cyberspace. Mobile technologies will boost workforce productivity. Social networking will promise new ways to collaborate. Cloud computing will improve business agility. Such technologies will increase your competitive advantage, but only if you can understand and neutralize emerging threats. This session will provide an up-to-the-minute look at threats these innovations bring and what’s being done to counter them. Bryant Tow, Director, Cybersecurity Practice, CSC Sponsored by:AMERICAN COUNCIL OF LIFE INSURERS www.acli.com
  • MONDAY, JULY 16 (continued) 2:00–3:00 PM GENERAL SESSION—Palace Ballroom III INSIDE AN INSURANCE COMPANY–NAVIGATING THE CHANGING LANDSCAPE–ADVISORS’ VIEWS ABOUT THE IMPACTS OF REGULATORY REFORM The panelists, a General Counsel, a Chief Compliance Officer and a Chief Risk Officer, representing public companies and a mutual, as well as a savings and loan holding company and companies with multinational operations, will provide valuable insights derived from their differing experiences navigating their companies through the myriad post-financial crisis regulatory and risk management reforms. They will offer practical perspectives as they discuss among themselves their particular continuing concerns and how their worlds, their roles and their relationships have changed. Cynthia Shoss, Moderator, Partner, Sutherland Asbill & Brennan LLP James Gallagher, Executive Vice President, John Hancock Gideon Pell, Senior Vice President, New York Life Karen Shaff, Executive Vice President & General Counsel, Principal Financial Group 3:00–3:30 PM REFRESHMENT BREAK/EXHIBITION—Palace Foyer III Sponsored by: 3:30–4:45 PM CONCURRENT SESSIONS ANNUITY DISCLOSURE MODEL–OLD VS. NEW—Palace Ballroom III New model, new requirements! Learn how the recently revised Annuity Disclosure Model Regulation will impact company operations. Obtain insight from the panel and from industry peers regarding specific requirements and related challenges. Understand recent state adoption activity, any variations and related timing. Kelly Ireland, Moderator, Senior Counsel, Insurance Regulation, ACLI Rob Belfer, Chief Actuary, CSC Gary Frank, Vice President, Compliance, Aviva Jim Mumford, First Deputy Commissioner and Securities Administrator, Iowa Insurance Division, Chairman of NAIC’s Receivership & Insolvency (E) Task Force Carla Strauch, Director, Insurance Compliance, Thrivent Financial for Lutherans THE ABC’S OF TPA’S–AVOIDING LANDMINES AND FINES—Palace Ballroom II A panel of Industry Representatives from small companies along with subject matter expert, C.J Rathbun from First Consulting and Administration, Inc. to share practices for TPA compliance. The panel will provide current practices and tips for managing the audit requirements which can be onerous for small companies using multiple TPAs. We will also review the current regulatory climate when dealing with TPAs. Please join us for an open discussion and come prepared with your companies’ TPA stories and best practices. Jill Morgan, Moderator, Director, Compliance, Symetra Life Insurance Company Shirley Grossman, Vice President, Lincoln Heritage Life Insurance Company Glenn Jones, Vice President, Compliance, 5 Star Life Insurance Company C.J. Rathbun, Senior Consultant, First Consulting & Administration, Inc. Suzanne Webb Sainato, Vice President & Chief Compliance Officer, Symetra LifeAMERICAN COUNCIL OF LIFE INSURERS www.acli.com 2
  • MONDAY, JULY 16 (continued) 3:30–4:45 PM CONCURRENT SESSIONS LEGISLATIVE & REGULATORY UPDATE: THE HOT ISSUES—Palace Ballroom I ACLI senior staff will give their insights into the international, federal and state vectors that are reshaping the regulatory framework for life insurers. Updates and forecasts will be given on issues such as global solvency modernization, principles-based reserving and tax reform efforts in Washington. Bruce Ferguson, Senior Vice President, State Relations, ACLI Maurice Perkins, Senior Vice President, Federal Relations, ACLI 4:45–5:30 PM RELAXATION BREAK 5:30–7:00 PM WELCOME RECEPTION—Margaritaville, Las Vegas, Flamingo Hotel Sponsored by: 7:00 PM DINNER ON YOUR OWN TUESDAY, JULY 17 8:00 AM–4:30 PM REGISTRATION—Registration Desk #5 8:00–9:00 AM BREAKFAST—Palace Ballroom I 9:00–10:30 AM GENERAL SESSION—Palace Ballroom III UNCLAIMED PROPERTY: LATEST DEVELOPMENTS ON INSURANCE REGULATORY AND STATE AUDIT FRONTS–WHERE ARE WE NOW? With recent announcements of multi-state, multi-million dollar settlements with insurers, one might expect new guidance to be issued for the administration of unclaimed insurance property …but will it? NCOIL modeling and NAIC reticence have confused legislators and insurers interested in modernizing insurer policy benefit management, claims handling, and abandoned property processing. Three of the nation’s most-informed experts in unclaimed insurance property management will share their insights on how laws are evolving and how changes will affect insurers of all sizes. Thomas Sullivan, Moderator/Speaker, Principal, Regulatory Compliance, Pricewaterhouse Coopers Ellen Conlin, Vice President & Associate General Counsel, MassMutual Mary Jo Hudson, Member, Bailey Cavalieri LLC 10:30–11:00 AM REFRESHMENT BREAK/EXHIBITION—Palace Foyer III Sponsored by:AMERICAN COUNCIL OF LIFE INSURERS www.acli.com 3
  • TUESDAY, JULY 17 (continued) 11:00 AM–12:00 PM CONCURRENT SESSIONS THE VALUE OF COMPLIANCE METRICS & BEST PRACTICES IN MANAGING REGULATORY EXAMINATIONS—Palace Ballroom III Compliance metrics provide valuable insight for compliance professionals to influence and shape their company’s regulatory centric programs. Such programs also offer an opportunity to influence a company’s compliance culture and integrate best practices into sustainable solutions for effectively managing the regulatory landscape. Bernd Breitenbach, Moderator/Speaker, Director, Market Conduct & Compliance, The Guardian Life Insurance Company of America Randi J. Bader, Associate General Counsel, New York Life Insurance Company Robert DiLorenzo, Assistant Vice President, Regulatory Affairs, MetLife UNCLAIMED PROPERTY SEARCHES–OPERATIONAL ISSUES: WHAT ARE THE STANDARDS FOLLOWING RECENT SETTLEMENTS?—Palace Ballroom II In the wake of recent multi-state settlements and the enactment by several states of legislative or administrative requirements for searching the Social Security "Death Master" file, companies are facing new - but not uniform - regulatory pressures on the administration of their life insurance business. This panel will discuss some of the operational, legal, and technological challenges companies face in trying to adapt to this rapidly evolving landscape. Mark Backe, Moderator, Vice President, Insurance & Operations Counsel, Northwestern Mutual Stacy Gill, Executive Vice President, MIB Group, Inc. Maeve O’Connor, Partner, Debevoise & Plimpton LLP Rick Radice, Vice President, Global Business Program Management Office, Prudential Financial 12:00–1:55 PM LUNCHEON—Palace Ballroom I FINANCIAL CRIMES AND YOU When the term Insurance Fraud is mentioned, the scenarios of staged accidents, contractor fraud and disability fraud immediately come to the forefront in the public mind. So much so, those insurers are required by some state legislation to maintain Special Investigations Units, (SIU) whose mission is to identify, detect and deter fraud, mainly in the application and claim areas. Insurers are more than that, some are true financial institutions, whose exposure to risk, liability to the public they serve and scrutiny by a myriad of regulators dictates that the enterprise need to protect itself against other fraudulent acts. Other financial frauds that can occur in this environment, from high tech to low tech, from internal to external, to the simple to the complex will be discussed. James Doyle, Vice President, Corporate Investigations Division, Prudential Financial 2:00–3:00 PM CONCURRENT SESSIONS UPDATE 2012–INDEPENDENT AML REVIEW—Palace Ballroom III Recent events have highlighted the importance of the independent AML review and raised many questions. This panel of experienced AML auditors/reviewers discusses approaches to the independent AML review, requirements and standards, the impact of the NAIC-FinCEN Memo of Understanding, and take-aways from recent enforcement actions, to help companies plan their review. The panel seeks to answer questions such as, How much is ―enough‖? What are regulatory expectations? How do you evaluate the transaction monitoring system? How do you test AML procedures? What happens after the review? Jerry C. Danielson, Assistant Vice President, Compliance Audit Director, Lincoln Financial Group Vicki Landon, President, Landon AssociatesAMERICAN COUNCIL OF LIFE INSURERS www.acli.com 4
  • TUESDAY, JULY 17 (continued) 2:00–3:00 PM CONCURRENT SESSIONS LITIGATION TRENDS—Palace Ballroom II The session will focus on recent litigation and regulatory trends in the insurance industry over the past twelve months. The presentation will emphasize key legal victories for the insurance industry, will provide an update of cases filed within the past year, and will discuss regulatory and legislative issues potentially affecting life insurance companies. Discussion topics will include agent rebating, stranger-owned life insurance, revenue sharing class actions, unclaimed property legislation, and other timely issues. Jeffrey Grantham, Attorney, Maynard, Cooper & Gale, P.C. David Loper, Senior Vice President & Senior Associate Counsel, Protective Life Corporation 3:00–3:30 PM REFRESHMENT BREAK/EXHIBITION—Palace Foyer III Sponsored by: 3:30–4:30 PM CONCURRENT SESSIONS CROSSING THE DIGITAL DIVIDE: THE COMPLETE ESALE FROM APPLICATION TO DELIVERY— Palace Ballroom III Technology continues to challenge long accepted insurance practices and accelerate and condense the insurance sale. Learn about new trends in insurance sales including voice applications, eDelivery processes, and the role of social media. New techniques and processes will be discussed along with practical business and compliance challenges they present. Join the discussion and learn about the rewards and pitfalls in crossing the digital divide. Gary Jenkins, Moderator/Speaker, Deputy General Counsel, ING Americas Al Lurty, Senior Vice President, Head of Business Development, ING U.S. Insurance Solutions Stephen Selby, Director, Regulatory Services, LIMRA LIFE & HEALTH INSURANCE GUARANTY ASSOCIATIONS—Palace Ballroom II Panelists will discuss various issues relating to the guaranty association system, including recently- enacted state legislation, coverage claims (e.g., joint annuities, separate account products), uniformity of coverage, pre-sale disclosure, advertising prohibition, IAIS and OECD issue papers, and receiverships. Wayne Mehlman, Moderator, Senior Counsel, Insurance Regulation, ACLI Peter Gallanis, President, National Organization of Life and Health Insurance Guaranty Associations Dennis Herchel, Assistant Vice President & Counsel, Massachusetts Mutual Life Insurance Company, Chairman of ACLI’s Solvency Committee; Member of the Boards of Directors of the PA and NJ Life and Health Insurance Guaranty Associations Jim Mumford, First Deputy Commissioner and Securities Administrator, Iowa Insurance Division, Chairman of NAIC’s Receivership & Insolvency (E) Task ForceAMERICAN COUNCIL OF LIFE INSURERS www.acli.com 5
  • TUESDAY, JULY 17 (continued) 4:30–5:30 PM CONCURRENT SESSIONS FUTURE LOOK AT THE COMPLIANCE LANDSCAPE–SIX TRENDS TO HELP COMPANIES MANAGE EXAMINATION PROCESS MORE EFFECTIVELY—Palace Ballroom III This program will explore emerging trends in the compliance landscape and the market conduct examinations process and offer solutions to help companies manage the regulatory challenges and examination processes more efficiently. The panelists will discuss trends in harvesting real-time compliance metrics, heightened collaboration between companies and regulators, and the movement towards technology centric solutions to mitigate compliance risks and to facilitate all electronic examinations. They will also discuss practical tools currently available to assist compliance professionals to effectively manage compliance risks and the workload and documentation challenges associated with examinations. Peter Feeley, Moderator/Speaker, Corporate Chief Compliance Officer, The Guardian Life Insurance Company of America Marlys Bergstrom, Attorney, Sutherland Asbill & Brennan LLP Debbi Corej, Senior Manager, Deloitte & Touche LLP GENERAL COUNSELS WITH BROKER-DEALER AFFILIATIONS: ARE YOU THE GATEKEEPER/ SUPERVISOR FOR SECURITIES SALESPERSONS’ ACTIVITIES?—Palace Ballroom II This panel will address the uncertain aftermath of the SEC’s 2012 ruling on the administrative law decision In Re Ted Urban, which deemed legal and compliance professionals as ―supervisors‖ of securities salespersons. Some commentators observed that the initial decision put legal and compliance professionals at risk for liability merely as a result of performing routine day-to-day functions. After a contentious five year saga, the decision’s muddy waters remain clouded. With three of the SEC’s Commissioners recused, the two remaining Commissioners split on the decision’s unique precedent. The program will explain the legal foundation on this issue, and provide guiding perspective. Carl Wilkerson, Moderator/Speaker, Vice President & Chief Counsel, Securities & Litigation, ACLI Ann Furman, Partner, Jorden Burt, LLP 6:00–7:30 PM RECEPTION—Palace Foyer III 7:30 PM DINNER ON YOUR OWN WEDNESDAY, JULY 18 7:30 AM–12:00 PM REGISTRATION—Registration Desk #5 7:30–8:30 AM BREAKFAST & SESSION—Palace Ballroom I WHISTLEBLOWERS: A SURVEY OF WHISTLEBLOWER RULES AND RECENT ACTIVITY Sponsored by: Recent developments in whistleblower rules and litigation, and what they mean for life insurers will be discussed. Focus will include implications for life insurers arising from: qui tam lawsuits brought under state false claim acts for alleged failure to comply with unclaimed property laws; the SEC whistleblower program as recently modified by the Dodd-Frank Act; and the IRS whistleblower program. Timothy J. O’Driscoll, Moderator/Speaker, Partner, DrinkerBiddle Andrew Lorin, Partner, DrinkerBiddle William McSwain, Partner, DrinkerBiddleAMERICAN COUNCIL OF LIFE INSURERS www.acli.com 6
  • WEDNESDAY, JULY 18 continued: 8:30–9:45 AM GENERAL SESSION—Palace Ballroom III ENTERPRISE RISK MANAGEMENT: BEST PRACTICES FOR ASSESSING & GOVERNING LEGAL & COMPLIANCE RISK ERM has become an increasingly important management tool for insurance companies. Increased focus on ERM by regulators, auditing firms, rating agencies and boards has heightened pressure on management to adopt robust and more transparent ERM programs. What does this changing dynamic mean for an insurer’s compliance and legal functions? This panel of experts will describe ERM trends and discuss best practices for identifying, quantifying and discussing insurer legal and compliance risks in this environment. Paige D. Waters, Moderator, Partner, Lock Lord LLP Brett Barratt, Deputy Insurance Commissioner at State of Utah Steven Foster, National Director, Insurance Regulatory Consulting, Deloitte & Touche LLP Terry Rasmussen, Senior Vice President, General Counsel & Secretary, Thrivent Financial for Lutherans Denise Tessier, Senior Regulatory Consultant, Insurance, Wolters Kluwer Financial Services 9:45–10:00 AM REFRESHMENT BREAK/EXHIBITION—Palace Foyer III 10:00 AM–12:00 PM GENERAL SESSION—Palace Ballroom III ETHICS This session will address in-house counsel legal ethics issues related to the organizational client including confidentiality, attorney-client privilege and conflict of interest in the corporate context. It will also address multijurisdictional practice issues, regulatory audits and investigations issues, disclosure of wrong doing versus withdrawal, and employer-client issues including litigation against a former employer by a former in house counsel. Gregory Ogden, Professor of Law, School of Law, Pepperdine UniversityStrategic Partner:ACLI Antitrust NoticeThe American Council of Life Insurers is committed to adhering strictly to the letter and spirit of the antitrust laws. Meetings conducted under theCouncil’s auspices are designed solely to provide a forum for the expression of various points of view on topics described in the programs or agendas forsuch meetings. Under no circumstances shall Council meetings be used as a means for competing companies or firms to reach any understanding -expressed or implied - which restricts competition or in any way impairs the ability of members to exercise independent business judgment regardingmatters affecting competition. Accordingly, appropriate objection will be made to any presentation or colloquy that presents a risk from the standpointof the antitrust laws.Copyright American Council of Life Insurers, 101 Constitution Avenue, NW, Washington, DC 20001-2133. All rights reserved.Mandatory Continuing Legal Education is presently required in 39 states and may be mandated in several more during the next few years. The Councilhas obtained certification for attendance at this Compliance & Legal Sections Annual Meeting by some of those states with a mandatory CLErequirement. One of the prerequisites for approval as a sponsoring organization is the requirement that the sponsoring organization – the ACLI in thisinstance – submit to the State CLE Board a list of those who attended and are admitted to practice law in that state. In order to do so, we will need toknow what states the attendees (students and teachers) have been admitted to practice and their UStateU Bar identification Number, if possible ` As of 7/12/12AMERICAN COUNCIL OF LIFE INSURERS www.acli.com 7