Entries by aawatch

Senate Banking Chair Brown Asks State and Federal Regulators to Study How Private Equity Companies Are Managing Workers’ Retirement Assets

On March 16, 2022, Senate Banking Committee Chairman Sherrod Brown wrote to the National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office (FIO) of the U.S. Treasury Department highlighting concerns about private equity’s growing role in the insurance industry and asking the two regulatory bodies to further study the issue and report to Congress no later […]

National Association of Insurance Commissioners task force plans investigation of private equity-owned insurers, including issues related to pension transactions

On December 7, 2021, the Financial Stability Task Force of the National Association of Insurance Commissioners (NAIC) discussed private equity ownership of life insurers. The task force will assign a subsidiary working group to examine issues related to private equity ownership of insurers (though not necessarily exclusive to private equity-owned insurers). It published a draft […]

State Treasurers call for new guidance for pension plans in response to growing role of private equity-backed insurers

Illinois State Treasurer Michael Frerichs, Wisconsin State Treasurer Sarah Godlewski, and Colorado State Treasurer David Young sent a letter to Secretary of Labor Marty Walsh calling for new guidance from the Department of Labor to ensure the safekeeping of retirement assets when plans transfer liabilities to insurers. Citing the growing role of private equity-backed insurers […]

Retirees for Justice joins call for Department of Labor to update Interpretative Bulletin 95-1

Retirees for Justice, a retiree advocacy group committed to preserving earned benefits for retirees and their families, has joined the call for the DOL to update its guidance for pension plan fiduciaries regarding the selection of an annuity provider when transferring liabilities for benefits. “Retiree earned benefits are not handouts. Many of today’s retirees worked […]