Dechert is one of only a handful of law firms in the country that has a substantial variable insurance products practice. We regularly assist insurance clients with securities-based products, including registered and unregistered, domestic and offshore variable annuity and variable life insurance contracts, offering guidance in the following areas:
- Development, structuring and design of new products and new product features including living benefits and stand-alone living benefits
- Distribution and sales practices, including those employed by broker-dealers and insurance producers who distribute variable contracts
- Implications of the Volcker Rule for insurance companies
- Implications of systemic risk regulation under Dodd-Frank for large insurers
- Compliance with “pay-to-play” regulations
- Regulatory inspections and compliance, including compliance procedures and reports for registered products
- Advice on the application of SEC, FINRA, tax and ERISA rules
- SEC registration and disclosure requirements
- Suitability and supervision issues and their implications for sales practices
- SEC and FINRA investigations on sales practices
- Representation of underlying mutual funds, their boards, and advisers
- Preparation of prospectuses, registration statements and other disclosure documents
- Investment in privately placed product, hedge funds, and offshore funds
Dechert lawyers have counseled clients on reorganizations of variable products and their underlying funds. We have also handled regulatory issues associated with the acquisition of variable product issuers and the managers of underlying funds and have advised insurers on issues related to management of pension assets and development of products for the pension marketplace.
Our attorneys write and lecture extensively on variable products, other insurance products and underlying funds, and our materials have been cited by the SEC.