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Regulation and Compliance > Federal Regulation

Agencies Release 2006 To%2DDo Lists

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The Internal Revenue Service wants to publish a final regulation in June 2006 that could affect recomputation of certain life insurance company reserves, and it could release a formal notice at any time about efforts to prevent discrimination in health savings account contributions.[@@]

Those are some of the items included in federal agencies’ latest regulatory agenda.

The U.S. Treasury Department, the parent of the IRS, and other arms of the federal government, such as the U.S. Department of Labor, have published their latest rulemaking agenda and regulatory plans today in the Federal Register.

The agenda will help guide the efforts of insurance industry lobbyists, benefits specialists and others who want to help shape future regulations, or simply to find out what is happening.

In December, for example, the Treasury Department’s Financial Crimes Enforcement Network is supposed to put out a final rule governing insurance companies’ efforts to detect and prevent money laundering.

At the IRS, items at the “proposed rule” stage include draft regulations that could affect the taxes of foreign insurers, the deductibility of employer contributions to deferred compensation programs, requirements for benefit plan actuaries, and taxation of flexible spending accounts.

Items of interest at the Employee Benefits Security Administration include proposals to revise benefit plan tax forms and efforts to improve the kinds of information about fees and expenses that retirement plan members ought to get.

EBSA also hopes to publish a final rule in June 2006 that could affect implementation of the Newborns’ and Mothers’ Health Protection Act of 1996.

The Labor Department agenda, which includes the EBSA agenda, is on the Web at //a257.g.akamaitech.net/7/257/2422/31oct20050800/edocket.access.gpo.gov/ua051031/ua051013.txt

The Treasury Department agenda, which includes the IRS agenda, is on the Web at http://a257.g.akamaitech.net/7/257/2422/31oct20050800/edocket.access.gpo.gov/ua051031/pdf/ua051016.pdf