IRI Government, Legal & Regulatory Conference 2014 Agenda as of May 19, 2014

Transcription

1 Sunday, June 29, 2014 IRI Government, Legal & Regulatory Conference 2014 Agenda as of May 19, :00 am 9:00 am Breakfast for Pre-Conference Attendees 9:00 am 4:30 pm IRI Annuity Compliance Forum (Separate registration required) 1:00 pm 4:00 pm IRI Broker-Dealer/ Insurer Forum: Exploring Opportunities for Effective Collaboration (Designated Company/Firm Representatives Only) Sponsored by Prudential Financial 4:00 pm 5:30 pm Committee Meetings 5:30 pm 6:30 pm Welcome Reception Monday, June 30, :00 am 6:30 pm Registration Open 8:00 am 8:45 am Breakfast 8:45 am 9:00 am Welcome Remarks J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute (IRI) Planning Committee Chairman 9:00 am 9:30 am View from the Top: SEC Priorities for 2014 Speaker: Daniel Gallagher (Invited), Commissioner, U.S. Securities and Exchange Commission Commissioner Dan Gallagher will offer his perspective on several important SEC initiatives, including the potential harmonization of the standards of conduct for broker-dealers and registered investment advisers, the development of a variable annuity summary prospectus, the SEC s ongoing efforts to implement the Dodd- Frank Act and other topics impacting IRI s members. 1

2 9:30 am 10:00 am FINRA: The Road Ahead Speaker: Carlo di Florio, Chief Risk Officer & Head of Strategy, Financial Industry Regulatory Authority (FINRA) 10:00 am 10:15 am Break As the self-regulatory organization for the broker-dealer industry, FINRA plays a significant role in regulating the distribution of many insured retirement products. In this session, you will hear an update on recent FINRA efforts affecting our industry, including the proposed Comprehensive Automated Risk Data System (CARDS) and the prospects for and implementation of a single fiduciary standard. You will also hear about FINRA s risk based examination approach and its views on the annuity marketplace. 10:15am 11:15 am Future of Federal Oversight: Bank-centric Capital Standards for Insurers Speakers: Joseph Engelhard, Senior Vice President, Capital Alpha Partners Sheila K. Davidson, Executive Vice President, Chief Legal Officer & General Counsel, New York Life Insurance Company This panel will review the looming capital requirements for non-bank SIFIs and what bank-centric capital standards will mean for the future of the entire insurance industry. Panelists will discuss why bank-centric capital standards are not compatible with the actual risks and business model of the insurance industry. In addition, the panel will discuss the importance of pending legislation that would give the Federal Reserve the authority to tailor capital regulations to the insurance industry. 11:15 am 12:15 pm NAIC Leadership & the Federal Insurance Office Speaker: Michael McRaith (Invited), Director, Federal Insurance Office The industry s regulatory radar screen has been packed with state-level issues, including the NAIC s review of contingent deferred annuities, as well as state adoption of the newest versions of the Annuity Suitability Model and the Annuity Disclosure Model. Hear from NAIC leaders as they share perspectives on the NAIC s priorities for 2014 and 2015, and discuss the role of state regulators in educating consumers about the need for guaranteed lifetime income. This session will discuss the NAIC s views on federal regulatory reform including the new Federal Insurance Office, the Interstate Compact s progress on annuity filings, coordination between the NAIC and federal regulators such as the SEC and FINRA, and the NAIC Market Conduct Committee s work to enhance coordination and reduce duplication of market conduct examinations. 2

3 12:15 pm 1:45 pm Lunch On Your Own 1:45 pm 2:45 pm Breakout Sessions The Dodd-Frank Act established the Federal Insurance Office (FIO) and tasked it with issuing a report to Congress with recommendations to modernize and improve the current insurance regulatory system. During this session, Director Michael McRaith will discuss his role as FIO s first Director, the report to Congress and FIO s priorities for the remainder of this year and into Innovation in the Fixed and Fixed Indexed Annuity Marketplace Barry G. Skolnick, Esq., Partner, Mitchell, Williams, Selig, Gates & Woodyard Dan Krueger, Assistant Vice President, Product Innovation, Allianz Life Insurance Company Rodney Branch, Vice President, IPS Business Development, Nationwide Financial Stephen E. Roth, Partner, Sutherland Asbill & Brennan LLP Scott Stolz, President, Raymond James Insurance Group Industry-wide annuity sales are at their highest mark in two years, supported by a surge in sales of fixed annuities. From the first quarter 2013 to the third quarter 2013, fixed annuity sales rose by 50 percent. This growth is largely attributable to some of the highest interest rates and spreads we ve seen in more than a year. A panel of experts will explore the industry s efforts to take advantage of the opportunities created by this more favorable environment. The Shifting Regulatory Landscape for IRA Rollovers Panelist: Thomas Roberts, Of Counsel, Groom Law Group William Wilcox, Vice President & Chief Legal Officer, Prudential Annuity Distributors, Prudential Annuities Among the most significant regulatory trends of 2014 has been the increased focus on IRA rollovers. The most high profile regulatory activity is the Department of Labor s forthcoming fiduciary rule re-proposal. In addition, both the SEC and FINRA included rollovers on their 2014 examination priorities lists, and FINRA has issued a Regulatory Alert and an investor bulletin on the subject. 3

4 During this session, an expert panel will explore the implications of this heightened scrutiny. Exploring the Latest Regulatory and Litigation Trends affecting Variable Products and Underlying Funds Katherine A. Schulze, Vice President & Associate General Counsel, Transamerica / AEGON Diane E. Ambler, Partner, K & L Gates LLP Thomas Bogle, Partner, Dechert LLP Regulators are focused on a number of items of particular significance for the insured retirement industry. From the examination and enforcement perspective, senior protection continues to be a top priority for both agencies, and the SEC has focused on the role of fund directors. On the rulemaking side, the SEC is moving forward with its efforts on a variable annuity summary prospectus rule, target date funds, and data collection. FINRA is exploring the possible development of a new automated data collection system for broker-dealers (known as the Comprehensive Automated Risk Data System, or CARDS). Funds underlying variable products are also impacted by a number of developments, including recent contract holder class actions challenging the level of fund advisory fees. Our panel of leading practitioners will discuss how these and other important regulatory initiatives at the SEC and FINRA will affect the industry in 2014 and beyond. 2:45 pm 3:00 pm Break Sponsored by Dechert LLP 3:00 pm 4:00 pm Breakout Sessions Innovation in the Fixed and Fixed Indexed Annuity Marketplace Barry G. Skolnick, Esq., Partner, Mitchell, Williams, Selig, Gates & Woodyard Dan Krueger, Assistant Vice President, Product Innovation, Allianz Life Insurance Company Rodney Branch, Vice President, IPS Business Development, Nationwide Financial Stephen E. Roth, Partner, Sutherland Asbill & Brennan LLP Scott Stolz, President, Raymond James Insurance Group 4

5 Industry-wide annuity sales are at their highest mark in two years, supported by a surge in sales of fixed annuities. From the first quarter 2013 to the third quarter 2013, fixed annuity sales rose by 50 percent. This growth is largely attributable to some of the highest interest rates and spreads we ve seen in more than a year. A panel of experts will explore the industry s efforts to take advantage of the opportunities created by this more favorable environment The Shifting Regulatory Landscape for IRA Rollovers Panelist: Thomas Roberts, Of Counsel, Groom Law Group William Wilcox, Vice President & Chief Legal Officer, Prudential Annuity Distributors, Prudential Financial Among the most significant regulatory trends of 2014 has been the increased focus on IRA rollovers. The most high profile regulatory activity is the Department of Labor s forthcoming fiduciary rule re-proposal. In addition, both the SEC and FINRA included rollovers on their 2014 examination priorities lists, and FINRA has issued a Regulatory Alert and an investor bulletin on the subject. During this session, an expert panel will explore the implications of this heightened scrutiny. Exploring the Latest Regulatory and Litigation Trends affecting Variable Products and Underlying Funds Panelist: Katherine A. Schulze, Vice President & Associate General Counsel, Transamerica / AEGON Diane E. Ambler, Partner, K & L Gates LLP Thomas Bogle, Partner, Dechert LLP Regulators are focused on a number of items of particular significance for the insured retirement industry. From the examination and enforcement perspective, senior protection continues to be a top priority for both agencies, and the SEC has focused on the role of fund directors. On the rulemaking side, the SEC is moving forward with its efforts on a variable annuity summary prospectus rule, target date funds, and data collection. FINRA is exploring the possible development of a new automated data collection system for broker-dealers (known as the Comprehensive Automated Risk Data System, or CARDS). Funds underlying variable products are also impacted by a number of developments, including recent contract holder class actions challenging the level of fund advisory fees. Our panel of leading practitioners will discuss how these and other important regulatory initiatives at the SEC and FINRA will affect the industry in 2014 and beyond. 5

6 4:00 pm 4:30 pm Break Sponsored by Dechert LLP 4:30 pm 5:30 pm Congressional Retirement Panel (Off the Record) John Brown, Vice President, Public Policy and Communications, Jackson National Life Insurance Company Speakers: Brandon Casey, Legislative Director and Tax Counsel, Representative Richard Neal (D-MA) Aharon Friedman, Tax Counsel, House Ways & Means Committee Preston Rutledge (Invited), Tax and Benefits Counsel, Senate Committee on Finance As the debate on tax issues is brewing inside the Washington Beltway, what are the ramifications for the distribution and availability of guaranteed lifetime income products? A panel of leading Congressional staff will provide attendees with a view from Capitol Hill on the upcoming tax debate and the potential threats to the deferred taxation of annuities and other retirement savings vehicles. The panel will also discuss efforts underway in the Senate and House to expand consumer access to guaranteed lifetime income products, as well as the SEC and the Department of Labor s work regarding a fiduciary duty of broker dealers and investment advisors. 5:30 pm 6:00 pm First-Time Attendee Reception 6:00 pm 7:00 pm Reception Sponsored by Jackson National Life Insurance Company Tuesday, July 1 7:30 am 12:00 pm Registration Open 7:30 am 8:30 am Breakfast 8:30 am 8:45 am Opening Remarks J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute Planning Committee Chairman 8:45 am 9:45 am Update from the SEC Division of Investment Management 6

7 Speakers: Norm Champ (Invited), Director, Division of Investment Management, U.S. Securities and Exchange Commission William J. Kotapish, Assistant Director, Division of Investment Management, U.S. Securities and Exchange Commission Susan Nash, Associate Director, Division of Investment Management, U.S. Securities and Exchange Commission The SEC s Division of Investment Management plays an active role in a wide range of issues and regulatory initiatives affecting insurance products, mutual funds, investment advisors and broker-dealers, and will provide an update on the agency s work to develop a variable annuity summary prospectus, the potential establishment of a uniform standard of conduct for investment advisers and broker-dealers, and other key Division initiatives 10:00 am 11:00 am Breakout Sessions The Evolving Variable Annuity Market Chip Lunde, Partner, Carlton Fields Jorden Burt, P.A. William J. Evers, Vice President & Corporate Counsel, Prudential Annuities Bernie Gacona, Sr. Vice President, Director of Annuities, Wells Fargo & Company The variable annuity arms race of the early 2000s has given way to a new wave of innovation as risk management has become a focal point in insurance companies product development efforts. In this session, attendees will hear about the annuity products that are available in the marketplace today, and how the industry may evolve in the years to come. Building Guaranteed Lifetime Income in Retirement Plans Bradford Campbell, Counsel, Drinker Biddle & Reath LLP Insurers continue to design and develop innovative products to tap into the retirement income market. This session will offer an overview of the guaranteed lifetime income products currently selling in the group market, and a look at the future of the in-plan market for these products. Insights on the Future of DOL and Treasury Oversight of Retirement Plans 7

8 Michael P. Cogswell, SVP, Product Manager - Retirement Solutions, Pacific Investment Management Company (PIMCO) Marc Cahn, General Counsel, Transamerica Retirement Solutions Robert Melia, Vice President, Production and Solutions Management, Retirement Plan Services, Lincoln Financial Group Abigail Pancoast, Vice President, Chief Counsel, Lincoln Financial Group Steve Saxon, Chairman, Groom Law Group Since 2010, the Departments of Labor and Treasury have been actively working to reduce barriers that prevent Americans from accessing lifetime income products within their retirement plans. Meanwhile, Treasury is working to expand coverage through President Obama s recent MyRA proposal, while Labor is continuing to pursue changes to the definition of fiduciary under ERISA, which could significantly impair Americans access to investment advice. During this session, you ll hear from leading experts on the practical implications of these and other regulatory activities that will impact your company s retirement plans business in the coming years. Data Security Securing Today Speaker: Mark Clancy, Managing Director, Corporate Information Security Officer, DTCC (The Depository Trust & Clearing Corporation) 11:00 am 11:15 am Break 11:15 am 12:15 pm Breakout Sessions Every firm and every industry is dealing with the growing issues around data security, data breaches, and intrusions in the digital environment. This is a global issue. In this session you will hear from a security expert on what the real issues and threats are, how governments and nations, down to private enterprise, are dealing with these issues, what you and your firm should know and steps you could potentially take to mitigate these risk. The Evolving Variable Annuity Market Chip Lunde, Partner, Carlton Fields Jorden Burt, P.A. 8

9 William J. Evers, Vice President & Corporate Counsel, Prudential Annuities Bernie Gacona, Sr. Vice President, Director of Annuities, Wells Fargo & Company The variable annuity arms race of the early 2000s has given way to a new wave of Innovation as risk management has become a focal point in insurance companies product development efforts. In this session, attendees will hear about the annuity products that are available in the marketplace today, and how the industry may evolve in the years to come. Emerging Issues in State Insurance and Securities Regulation Mark Quinn, Chief Risk Officer, First Allied Securities, Inc. James Mumford, First Deputy Insurance Commissioner and Securities Administrator, Iowa Division of Insurance The state regulatory system has often been described as a research laboratory for oversight of the financial services industry. Nowhere is this more evident than in the context of state insurance commissioners and state securities administrators, who are often the first regulators to encounter new products and sales practices. In this session, attendees will hear about some of the latest areas of focus for the state insurance and securities departments. Building Guaranteed Lifetime Income in Retirement Plans Bradford Campbell, Counsel, Drinker Biddle & Reath LLP Insurers continue to design and develop innovative products to tap into the retirement income market. This session will offer an overview of the guaranteed lifetime income products currently selling in the group market, and a look at the future of the in-plan market for these products. Insights on the Future of DOL and Treasury Oversight of Retirement Plans Michael P. Cogswell, SVP, Product Manager - Retirement Solutions, Pacific Investment Management Company (PIMCO) Marc Cahn, General Counsel, Transamerica Retirement Solutions Robert Melia, Vice President, Production and Solutions Management, Retirement Plan Services, Lincoln Financial Group Abigail Pancoast, Vice President, Chief Counsel, Lincoln Financial Group 9

10 12:15 pm 1:30 pm Lunch on Your Own Steve Saxon, Chairman, Groom Law Group Since 2010, the Departments of Labor and Treasury have been actively working to reduce barriers that prevent Americans from accessing lifetime income products within their retirement plans. Meanwhile, Treasury is working to expand coverage through President Obama s recent MyRA proposal, while Labor is continuing to pursue changes to the definition of fiduciary under ERISA, which could significantly impair Americans access to investment advice. During this session, you ll hear from leading experts on the practical implications of these and other regulatory activities that will impact your company s retirement plans business in the coming years. 1:30 pm 2:30 pm Political Perspectives: Election 2014 Speaker: John Rogers, Deputy Political Director, National Republican Congressional Committee The 2014 midterm elections are shaping up to be pivotal for control of Congress heading into President Obama s last two years in office. Representatives from the National Republican Congressional Committee and Democratic Congressional Campaign Committee will face off to discuss upcoming congressional races this fall. We ll hear political insight from both sides of the aisle and get their predictions for particular contests. Our political insiders will go in-depth on the races that will determine which party wields power in It promises to be an engaging and informative discussion for all GLRC attendees, regardless of your partisan stripes. 2:30 pm 3:30 pm DOL & Treasury: Facilitating Access to Lifetime Income Catherine J. Weatherford, President and Chief Executive Officer, Insured Retirement Institute J. Mark Iwry (Invited), Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy, U.S. Department of the Treasury Judith Mares (Invited), Deputy Assistant Secretary, Employment Benefits, Security Administration, U.S. Department of Labor 3:30 pm 4:00 pm Ask Your Advocates: IRI Staff Perspectives 10

11 Speakers: J. Lee Covington II, Senior Vice President and General Counsel, Insured Retirement Institute Jason Berkowitz, Vice President, Regulatory Affairs and Compliance, Insured Retirement Institute Michael Lenn, Vice President, Federal Affairs, Insured Retirement Institute Ever wonder about IRI staff is currently working on? Have questions about IRI s advocacy? In this GLRC wrap-up session, you ll have the opportunity ask about topics like legislative proposals affecting tax reform, the Department of Labor s regulatory efforts or how IRI makes an impact at the state level, just to name a few. This Q and A session on IRI s advocacy will provide a peek behind the curtain and give you insight into our efforts on Capitol Hill and navigating the alphabet soup of agencies in Washington. Related Events Pre-registration is required Sunday, June 29 8:00 am 9:00 am Breakfast for Pre-Conference Attendees 9:00 am 4:30 pm IRI Annuity Compliance Forum Led by Andy Favret, former associate vice president and regional chief counsel at FINRA, and Robert Watts, a FINRA arbitrator and former chief compliance officer for John Hancock Financial, the Annuity Compliance Forum will explore the current annuities marketplace, provide an overview of state and federal regulations and examinations of annuity sales practices, and descript how annuity manufacturers and distribution firms train and supervise the individuals who sell annuities. 1:00 pm 4:00 pm IRI Broker-Dealer/ Insurer Forum: Exploring Opportunities for Effective Collaboration (Designated Company/Firm Representatives Only) Sponsored by Prudential Financial Tuesday, July 1 The relationship between insurance companies and broker-dealers involves many significant and complicated issues. By its nature, this business model gives rise to questions of control (e.g., who owns the client relationships) and responsibility (e.g., who is on the hook if something goes wrong). This session will include an interactive discussion of a number of suitability case studies and other key issues identified in advance by Forum participants, and will provide an opportunity for insurers and their distribution partners to explore ways they can work together to prevent, manage, and resolve potential conflicts. 11

12 7:30 am 8:30 am Breakfast 8:15 am 5:00 pm IRI Litigation Forum Wednesday, July 2 8:00 am 9:00 am Breakfast Moderated by Sutherland Asbill & Brennan LLP and Carlton Fields Jorden Burt, the Litigation Forum examines at the top issues affecting retirement income litigation including: Navigating Unclaimed Property Litigation Latest Developments and Trends in Significant Annuity and Life Insurance Litigation FINRA Arbitration and Enforcement Actions Class Action Developments and Recent Supreme Court Decisions Legal and Regulatory Ethics 9:00 am 4:00 pm IRI Retirement Plan Forum Moderated by Sutherland, Asbill & Brennan, this program focuses on retirement issues in the House, Senate and the Administration. The Forum will examine key issues affecting the retirement income industry including: Recent developments in retirement plan litigation Current trends in retirement income products Congressional activity on retirement policy The Administration s initiatives to promote lifetime income Tax reform and its implications for the retirement market The DOL s forthcoming fiduciary definition re-proposal ERISA disclosures and more! 12