The U.S. Commodity Futures Trading Commission (CFTC) earlier this month held a video conference that included representatives from the American Council of Life Insurers (ACLI) and 8 large life insurers.
CFTC Chairman Gary Gensler and other participants met through a video conference April 13 to talk about topics such as product definitions to be used in implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, inter-affiliate trades, block trades, and implementation of Dodd-Frank Act final rules.
The CFTC included the video conference in an external meetings list.
The ACLI is praising CFTC officials’ efforts to get interest group views on Dodd-Frank implementation.
The life industry meeting “was constructive and cordial; an example of good government regulation at its best,” ACLI spokesman Steven Brostoff says in a statement.
The video conference took place as the CFTC and the U.S. Securities and Exchange Commission (SEC) were considering proposed definitions of terms such as “swap” and “security-based swap” to be used in swaps regulation provisions of the Dodd-Frank Act.
The agencies have proposed broad definitions that would include many types of arrangements with terms that depend on the occurrence, nonoccurrence or partial occurrence of future events with
economic or commercial consequences.
The version of the proposal that the CFTC and the SEC decided to approve would exclude products sold by state-regulated insurers or government-regulated non-U.S. reinsurers from the definition of “swap.”
The proposal also would exclude products such as life insurance policies or annuities that were written by entities other than state-regulated insurers.
CFTC members voted 4-1 to get public comments on the proposal, and SEC members voted 5-0 to seek public comments.