Mary Jane Wilson-Bilik, a member of Sutherland's Financial Services Practice Group, has extensive experience working with federal and state regulators and advising insurance companies, their parent and affiliates on the development, disclosure and administration of insurance products, including variable, indexed and fixed annuity and life products, and cross-border offerings. She has worked closely with numerous financial services organizations in developing and implementing risk-based compliance programs and advising chief compliance officers and senior management on regulatory and corporate governance issues, including unclaimed property issues.
Mary Jane's extensive experience in insurance regulation and corporate governance is currently helping her insurance clients understand the fast-changing regulatory environment, and evaluate and refine compliance procedures to improve positioning with regulators, including unclaimed property administrators and insurance regulators. She also advises on all aspects of single state and multi-state market conduct exams.
A frequent speaker, Mary Jane has recently spoken at webinars and conferences on state market conduct exam developments involving unclaimed insurance benefits; on financial services regulatory reforms, including the Federal Insurance Office, Solvency II, amendments to the NAIC Model Holding Company Act and ORSA; and on the SEC's proposed rule on "missing" security holders. She has performed legal risk audits of insurance company operations for compliance with federal securities and state laws and regulations.
Representative Experience
Mary Jane's extensive representative experience includes:
· Representing major U.S. life insurance companies in multi-state market conduct examinations, unclaimed property audits and Attorney General investigations regarding unclaimed insurance benefits.
· Representing a significant U.S. life insurance subsidiary of a major foreign holding company before the SEC's Division of Investment Management and the Division of Trading and Markets to successfully register an innovative U.S. variable annuity for sale to U.S. expatriates living abroad.
· Representing a group of large affiliated U.S. life insurance companies before the SEC's Division of Investment Management in the registration of affiliated guarantees and parental credit support agreements in variable product registration statements.
· Representing a Chief Compliance Officer of a significant U.S. life insurance company in an SEC inquiry into sales practices to seniors.
Professional and Community Involvement
· Member, Business Law Section, American Bar Association
· Member, Investment Management Committee, Corporation, Finance and Securities Law Section, District of Columbia Bar
· Member, Women's Bar Association of the District of Columbia
· Former Member, Steering Committee, Georgetown University Law Center's Women's Forum
Recent Publications and Speaking Engagements
· Author, Speaker and Moderator, "State Market Conduct Issues and Developments: Annual Statements, Suitability and Unclaimed Life Insurance Benefits," ALI-ABA Conference on Life Insurance Company Products (November 3-4, 2011)
· Co-author, "Who Will Benefit From Unclaimed Insurance Property Audits: Beneficiaries? Really?," National Underwriter Life & Health (June 20, 2011)
· Author, "Proposed Rule 151A: Costs and Controversies," ALI-ABA Conference on Life Insurance Company Products Course Materials (November 2008)
· Co-author, "Broker-Dealer Compliance Issues: All Over the World," Practical Compliance and Risk Management for the Securities Industry (May-June 2008)
· Co-author, "Rule 38a-1: Lessons Being Learned and Future Challenges," ALI-ABA Conference on Life Insurance Company Products Course Materials (November 2005)
· Author, "Section 3(a)(8) Revisited: A Review of Federal Regulatory Challenges Facing Issuers of Fixed Insurance Products," ALI-ABA Conference on Life Insurance Company Products Course Materials (November 2003)
· Speaker, "SEC Rule 17Ad-17: What Does It Mean For You?" Uniform Property Professionals Organization (March 12, 2012)
· Speaker, "Navigating Through Uncertainty: Life Insurance Regulation and Unclaimed Property Audits," Swiss Re Webinar (March 7, 2012)
· Speaker, "Top 10 for 2012: 10 Pending Developments All Wealth Management/ Compliance Lawyers Should Be Watching," Wealth Management/HIMCO Law and Compliance Law Day, Hartford, Connecticut (March 2, 2012)
· Speaker, "Hot Topics for Insurance Products," Wealth Management/HIMCO Law and Compliance Law Day, Hartford, Connecticut (March 2, 2012)
· Speaker, Webinar: "Navigating Through Uncertainty: Life Insurance Regulation and Unclaimed Property Audits," (November 15, 2011)
· Speaker, "Annuity Disclosure Developments," ALI-ABA Conference on Life Insurance Company Products (October 28-29, 2010)
· Speaker, "Navigating the Changing Landscape of Financial Services Regulatory Reform: The Impact on the Life Insurance Industry," American Council of Life Insurers (ACLI) 2009 Annual Conference (October 18-20, 2009)
· Speaker, ALI-ABA Conference on Life Insurance Company Products (November 13-14, 2008)
· Speaker, Forty Act Attorneys of Connecticut, Summer Meeting (August 21, 2008)
· Speaker, NAVA 2008 Regulatory Affairs Meeting (June 2008)
· Speaker, NAVA 2008 Marketing Meeting (February 24-27 2008)
· Speaker, NAVA 2007 Annual Meeting (September 9-11, 2007)
· Speaker, The Association of Life Insurance Counsel (May 21-23, 2006)
· Speaker, The 2006 Retirement Industry Conference (April 5-7, 2006)
· Speaker, "Rule 38a-1: Lessons Being Learned and Future Challenges," The 23rd Annual ALI-ABA Conference on Life Insurance Company Products (November 4-5, 2005)
· Speaker, CBI's Executive Summit on Insurance Compliance, Transparency and Ethical Conduct (May 19-20, 2005)
· Speaker, "Lawyer Liability in the Post-Enron Era: Lessons Learned from the Google Case," and "Update of Equity Indexed Annuities," 40 ACT Attorneys' Association of Connecticut (January 13, 2005)
· Speaker, "Section 3(a)(8) Revisited: A Review of Federal Regulatory Challenges Facing Issuers of Fraud Insurance Products," 21st Annual ALI-ABA Conference on Life Insurance Company Products (November 20-21, 2003)
· Speaker, "Assessing Legal and Compliance Risk Management: A Case Study," ACLI Compliance Section Annual Meeting (July 16-18, 2003)
Industries
Financial Services
Retirement Products and Services
News
Life Insurance Companies Face Fight Over Death Benefits
November 16, 2011
Legal Alerts
Legal Alert: The New York Department of Financial Services Announces Emergency Promulgation of Insurance Regulation 200 on Unclaimed Life Insurance Benefits
May 18, 2012
Legal Alert: FSOC Finalizes Rule for Designation of Insurance Company and Other Nonbank "Systemically Important Financial Institutions"
April 17, 2012
Legal Alert: The NAIC Releases Draft ORSA Model Act for Public Comment
April 10, 2012
Legal Alert: Summary Judgment Rulings in ERISA Retained Asset Account Cases
February 23, 2012
Legal Alert: U.S. Court of Appeals Holds New Jersey's Retroactive Escheatment of Gift Card Abandoned Funds Unconstitutional and its Priority Rules Preempted by Federal Law
January 18, 2012
Legal Alert: House Subcommittee Approves Bill to Prevent the Federal Insurance Office and Office of Financial Research from Collecting Data Directly from Insurance Companies
December 22, 2011
Legal Alert: Illustration Disclosures Lead to Dismissal of Universal Life Insurance Class Action
November 29, 2011
Legal Alert: ERISA Participant Disclosure Will Not Violate SEC Advertising Rules
November 2, 2011
Legal Alert: FSOC Proposal Further Clarifies Which Nonbank Financial Companies Could Be Designated "Systemically Important Financial Institutions"
October 17, 2011
Legal Alert: The Top 10 Ways Unclaimed Property Audits Differ From Insurance Market Conduct Exams
August 18, 2011
Legal Alert: Last Minute FBAR Extensions for "Signature Authority Only" Filers - Making Sense of the Announcements
June 21, 2011
Legal Alert: NAIC Releases Draft White Paper On Corporate Governance; At Odds With Existing Bodies of U.S. Law
June 10, 2011
Legal Alert: FinCEN Extends FBAR Filing Deadline for Certain Officers and Employees - Does This Portend Changes?
June 3, 2011
Legal Alert: FSOC Proposed Rulemaking on Fed Supervision of Nonbank Financial Companies: Congress Questions Transparency
May 23, 2011
Legal Alert: Unpaid Insurance Benefits Issues Continue to Intensify
May 11, 2011
Legal Alert: New York Department of Financial Services to Have Authority Beyond Legacy Regulators; New Legal Risks Emerge for Insurers
April 27, 2011
Legal Alert: Insurance Regulators Heighten Focus on Life Insurer's Separate Accounts
March 17, 2011
Legal Alert: FSOC Proposed Rulemaking on Fed Supervision of Nonbank Financial Companies: Critics Submit Comments and Ask Who is Speaking on Behalf of the Insurance Industry
March 7, 2011
Legal Alert: Resetting the FBAR: Foreign Financial Account Reporting Regulations are Finalized With Significant, But Not Always Helpful, Clarifications
March 4, 2011
Legal Alert: The Financial Stability Oversight Council Takes Action: New Insight into Determination of Which Insurers May Be Subject to Enhanced Oversight
February 18, 2011
Legal Alert: Cost of Insurance Litigation - Recent Ruling on Meaning of "Mortality Experience" and Other Developments
February 7, 2011
Legal Alert: Federal Court: Egregious Facts May Permit Life Policy Rescission After Expiration of Incontestability Period
October 21, 2010
Legal Alert: The Financial Stability Oversight Council Holds Inaugural Meeting; Proposed Rulemakings on Nonbank Financial Companies and the Volcker Rule Will Impact Insurers
October 13, 2010
Legal Alert: Summary Judgment Granted for Defendant in Certified Deferred Annuity Class Action
October 8, 2010
Legal Alert: Annuity Surrender Charge/MVA Disclosures Held Insufficient in California
October 6, 2010
Legal Alert: Court Rejects Suit Alleging Fraud and Negligent Design in the Sale of Universal Life Insurance Policies
September 30, 2010
Legal Alert: Eighth Circuit Affirms Denial of Class Certification in Fixed Annuity Interest Crediting Case
August 30, 2010
Legal Alert: The Dodd-Frank Act: A New Era of Financial Regulation and the Implications for the Insurance Industry
August 3, 2010
Legal Alert: NAIC Proposes Expansive New Governance, Risk Management and Reporting Duties on Insurance Holding Company Systems; A New Liability Profile Emerges for Directors and Senior Management
July 9, 2010
Legal Alert: Class Certified in Action Involving Annuity Sales to Seniors
June 30, 2010
Legal Alert: District Court Rules on Stranger-Initiated Annuity Transactions
June 4, 2010
Legal Alert: House Holds Hearing on Insurance Holding Company Supervision
March 19, 2010
Legal Alert: The Dodd Bill Redux: The Senate Takes Aim at Financial Regulatory Reform
March 19, 2010
Legal Alert: Obama Administration Proposes Financial Crisis Responsibility Fee
January 15, 2010
Legal Alert: Securities and Exchange Commission Consents to Delay of Indexed Annuity Rule Effective Date
December 9, 2009
Legal Alert: Proposed Federal Insurance Office Act of 2009 Moves Forward
December 4, 2009
Legal Alert: Florida Supreme Court Ends Putative Class Action Alleging Numerous Florida Insurance Code Violations
December 1, 2009
Legal Alert: The NAIC's New Model Audit Rule: Is Your Organization Ready?
October 29, 2009
Legal Alert: NAIC Proposes Federal Legislation That Could Reduce Reinsurance Collateral Requirements
October 16, 2009
Legal Alert: NAIC Life Insurance and Annuities (A) Committee Approves Revisions to Standard Valuation Law to Enable Principles-Based Reserving
September 10, 2009
Legal Alert: Ninth Circuit Overturns Denial of Class Certification in Action Involving Sale of Annuities to Senior Citizens; Orders Class Certified
August 31, 2009
Legal Alert: Impact of Financial Regulatory Reform on the Insurance Industry: Proposed Legislation to Implement the Regulatory Reform White Paper
August 5, 2009
Legal Alert: Class Certification Denied in Fixed Indexed Annuity Interest-Crediting Case
July 27, 2009
Legal Alert: Court Rules on the SEC's Indexed Annuity Rule
July 22, 2009
Legal Alert: Suitability, Solvency Modernization, International Accounting and Derivatives: The NAIC 2009 Summer Meetings
June 30, 2009
Legal Alert: Financial Regulatory Reform - A New Foundation: Building Financial Supervision and Regulation
June 19, 2009
H.R. 2733 Nullifying Rule 151A and Amending Section 3(a)(8) of the 1933 Act
June 11, 2009
Legal Alert: Recent Developments: The Federal Regulation of Insurance
May 19, 2009
Legal Alert: Court Hears Arguments in Case Challenging the SEC's Indexed Annuity Rule
May 13, 2009
Legal Alert: National Insurance Consumer Protection Act and Prospects for Federal Regulation of Insurance
April 13, 2009
Legal Alert: Optional Federal Charter Bill Introduced in House
April 3, 2009
Legal Alert: Senate Banking Committee Hears Testimony on Insurance Regulation
March 18, 2009
Legal Alert: Federal Insurance Regulation: An Updated Scorecard
March 12, 2009
Legal Alert: Class Decertification Denied in Action Involving Bonus Annuity Claims
March 2, 2009
Legal Alert: Class Certification Denied in Fixed Annuity Interest-Crediting Case
February 26, 2009
Legal Alert: A Scorecard on the Systemic Risk Regulator and Federal Insurance Regulation
February 9, 2009
Legal Alert: NAIC Executive Committee Rejects Emergency Action on Capital and Surplus Relief
January 30, 2009
Legal Alert: Insurance Industry Capital and Surplus Relief Proposal Gains New Life
January 28, 2009
Legal Alert: House Members Encourage the Creation of a National Insurance Office Within Treasury
January 26, 2009
Legal Alert: Access to TARP Program and Fed Funding: Insurance Company Strategies and Implications
January 14, 2009
Legal Alert: Obama Places High Priority on Restructuring the Nation's Financial Regulatory System
December 19, 2008
Legal Alert: Recent Developments Relating to Insurance Company Participation in the Treasury's TARP Program
November 19, 2008
Legal Alert: Treasury Money Market Guarantee Program: New Developments for Insurance-Dedicated Funds
October 8, 2008
Legal Alert: Impact of the Emergency Economic Stabilization Act and Related Developments on Insurance Companies
October 7, 2008
Legal Alert: SEC and FASB Provide Clarification on Fair Value Accounting Rules
October 2, 2008
Legal Alert: Warnings About Replacing AIG Policies
September 29, 2008
Legal Alert: Rulings on Class Certification, Expert Testimony and Summary Judgment in Case Involving Sales of Annuities for Qualified Retirement Plans
February 18, 2008
Publications
Who Will Benefit From Unclaimed Insurance Property Audits: Beneficiaries? Really?
June 2011 Reprinted with permission National Underwriter Life & Health
Broker-Dealer Compliance: Issues All Over the World
May/June 2008 Reprinted with permission Practical Compliance & Risk Management for the Securities Industry
Co-author, "Rule 38a-1: Lessons Being Learned and Future Challenges," ALI-ABA (November 2005)
Author, "Section 3(a)(8) Revisited: A Review of Federal Regulatory Challenges Facing Issuers of Fixed Insurance Products," ALI-ABA (November 2003)
Events
UPPO Annual Conference
March 11-14, 2012
Navigating Through Uncertainty: Life Insurance Regulation and Unclaimed Property Audits
November 15, 2011
Webinar: Navigating Through Uncertainty: Life Insurance Regulation and Unclaimed Property Audits
November 15, 2011
Annual ALI-ABA Conference on Life Insurance Company Products
November 3-4, 2011
A Comparison of Solvency II to U.S. Insurance Regulation: The Consequences of Non-Equivalence
June 23, 2011
2010 ALI-ABA Conference on Life Insurance Company Products
October 28-29, 2010
ALI-ABA Annual Conference on Life Insurance Products
October 28-29, 2010
American Council of Life Insurers 2010 Annual Conference
October 17-19, 2010
American Council of Life Insurers (ACLI) 2009 Annual Conference
October 18-20, 2009
ALI-ABA Conference on Life Insurance Company Products
November 13-14, 2008
40 Act Attorneys' Association of Connecticut
August 21, 2008
NAVA 2008 Regulatory Affairs Meeting
June 2008
NAVA 2008 Marketing Meeting
February 24-27, 2008
NAVA 2007 Annual Meeting
September 9-11, 2007
The Association of Life Insurance Counsel
May 21-23, 2006
The 2006 Retirement Industry Conference
April 5-7, 2006
The 23rd Annual ALI-ABA Conference on Life Insurance Company Products
November 3-4, 2005
CBI's Executive Summit on Insurance Compliance, Transparency and Ethical Conduct
May 19-20, 2005
40 Act Attorneys' Association of Connecticut
January 13, 2005
21st Annual ALI-ABA Conference on Life Insurance Company Products
November 20-21, 2003
ACLI Compliance Section Annual Meeting
July 16-18, 2003