Our government policy advisors and attorneys, many of whom are registered lobbyists, work together on behalf of our insurance industry clients to help shape the laws, regulations and policies that directly affect the highly-regulated insurance industry. We have decades of experience representing clients on matters before state and federal legislative bodies and regulatory agencies. Drawing on this experience, we help clients with drafting, amending and monitoring legislation, regulations, declaratory rulings and statements of policy. We create effective public policy strategies to enable clients to properly position themselves on important issues. We frequently write and present testimony to legislative standing committees. Working effectively and efficiently behind the scenes, we also assist legislators in developing floor statements and white papers to support or oppose legislative bills. Dykema also assists clients in forming and administering trade associations and political action committees, as well as in complying with campaign finance and lobby act regulations. Dykema’s intimate knowledge of and interaction in the lawmaking process provide an unparalleled advantage to our clients.
On behalf of the non-U.S. parent of one of our life insurance company clients, we worked with the staff of Chairman Frank to secure language in the Dodd-Frank Act calling upon the U.S. Treasury and the Federal Reserve to contact the home country regulator before imposing any additional capital requirements on a U.S. subsidiary of a foreign financial institution.
On behalf of a non-U.S. insurer, through meetings with Treasury and in briefings with Congressional staff, we made the case that the Foreign Account Tax Compliance Act (FATCA) rules should not apply in the same manner to life insurance products as they do to bank accounts.
We are involved in briefings with Congressional staff to discuss a major overhaul of the Internal Revenue Code on behalf of our insurer company client.
In collaboration with the American Council of Life Insurers and the Canadian Embassy in Washington, D.C., we are coordinating with federal trade agencies, such as the U.S. Trade Representative and the Department of Commerce, to ensure market access into the Asia-Pacific countries for our insurance client.
We are working with our clients, the Michigan Department of Insurance and Financial Services and state legislators, on NAIC accreditation efforts including such things as the amendment of the Holding Company Act, Own Risk Solvency Assessment laws and Principles Based Reserving legislation.