AZOA SERVICES CORP(ALLIANZ OF AMERICA) FORMERLY AZOA SERIVCES CORP/FIREMAN'S FUND(ALLIANZ OF AMERICA for AZOA SERVICES CORP(ALLIANZ OF AMERICA) AND AFFILIATES
What was lobbied
6 issue areas, each in the filer's own words, with who lobbied on it and where.
Insurance INS
Financial Services Regulatory Reform: Lobby against certain provisions in H.R. 4173, The Wall Street Reform and Consumer Protection Act, that would affect insurers, including a resolution fund for failing firms. worked with other foreign owned U.S. Insurance companies to provide protection against potential discrimination against US affiliates. Also, lobby for robust and effective Federal Insurance Office. The final legislation passed the House in late June. Annuities/Suitability: Advocated against rule 151A, adapted by the U.S. Securities and Exchange Commission. Lobbied both Congress and the SEC. this rule would make certain fixed annuities subject to federal securities laws. Lobbied for an amendment to H.R. 7173 that helps confirm that fixed index annuities are insurance products. Holocaust insurance issues/ICHEIC: Lobbied against the possible reintroduction of legislation that would allow a cause of action against U.S. insurance companies with European affiliates that may have written life insurance policies involving Holocaust, victims, in contravention of international agreements. Credit-based insurance scores: Lobbied against the reintroduction of legislation that would restrict the ability of personal lines insurers to used credit information of underwriting or setting rates. Flood and national catastrophe insurance: In participation with a coalition, lobbied House and Senate staff to oppose legislation that would expand the national Flood Insurance Program to include wind insurance, specifically H.R. 1264 the Multiple Peril Insurance Act of 2009. Also lobbied against legislation to create a national back stop for natural catastrophe insurance. Lobbied for H.R. 3026, H.R. 3027 and H.R. 3028 which funds insurance grants and loans for federal mitigation programs, as well as the American Power Act in the Senate. Climate and energy legislation: Monitored the progress of HR 2454, the American Clean Energy and Security Act of 2009. Also through consultants, lobbied for passage of "Home Star" legislation to provide incentives for residential energy efficiency retrofits. Also, lobbied for "Building Star" legislation, which would provide similar inventive's for community building energy efficient retrofits. Municipal bond legislation: Monitor municipal bond legislation, specifically HR 2589, the Municipal Bond Insurance Enhancement Act of 2009, HR 2549, Municipal Bond Fairness Act, Municipal Bond Liquidity Act: and Municipal Financial Advisors Regulation Act. Right to Repair Act, HR 2057: support for bill which would enhance consumers' ability to take automobiles to independent shops for repairs. Broker-dealer regulatory reform: Monitor financial regulatory reform as it relates to broker-dealer and their existing regulation under the Financial Industry Regulatory Authority (FINRA). Surplus insurance lines: Monitor progress and support HR 2571, the Nonadmitted and Reinsurance Reform Act and its inclusion in financial services reform legislation. State jurisdiction over annuity products: support the continuing of state jurisdictions over fixed annuities: HR 2733, Fixed Indexed Annuities and Insurance Products classification Act of 2009, as well as an amendment to financial services reform based on this legislation. Agents and Brokers: support NARABII: HR2554, the National Association of registered Agents and Brokers Reform Act of 2009. Annuities: Support HR 2748, the Retirement Security Needs Lifetime Payment Act of 2009 and monitor through trade association.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PATRICK JAMES LA VECK | — |
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Torts TOR
Legal/Tort reform: track the progress of the insurance industry's collaboration on legal reform tort issues at the federal and state levels.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Banking BAN
TARP: Followed developments regarding the Troubled Asset Relief Program at Treasury. Money market guaranty program: follow creation of Treasury Department money market guaranty program after concern about the financial stability of the Reserve Management Corporations Primary Fund. Bailout/Economic Recovery Legislation: Follow implementation of H.R. 1924 the "Emergency Economic Stabilization Act of 2008". The bill which Allianz of America supported, authorizes the U.S. Government to purchase up to $700 billion of troubled assets from financial institutions. the bill also included tax extender provisions which Allianz supported. H.R. 4173, the Wall Street reform and Consumer Protection Act, follow action on this legislation in the House-Senate Conference, which would create a new systemic risk regulation for systemically-significant firms and a resolution mechanism for failing firms. Mark to market accounting: follow SEC and FASBE action regarding guidance and clarification for mark to market accounting. financial Services regulatory reform: followed discussions within Congress and the Administration to reform the financial services regulatory system, including "cram-down" legislation to create a resolution authority for failing firms systemic risk legislation, and a new consumer financial protection agency.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Financial Institutions/Investments/Securities FIN
Annuities: followed SEC action on rule to bring equity-indexed annuities under the SEC's regulatory purviews. Proposed rule: "indexed Annuities and certain other insurance contacts." release number 33-8933. also followed litigation in opposition to rule. Commodities: Monitor action of the CFTC and Congress on speculation in the energy markets. Short Selling: Followed SEC's action regarding reinstating the uptick rule for short selling. Hedge funds and private equity: Monitor S.244 Hedge Fund Transparency Act, S.12276 Private Fund Transparency Act of 2009. Consumer Financial Protection Agency: Monitor inclusion of this new agency in H.R. 4173, the Wall Street Reform and Consumer Protection Act. Derivatives: Monitor new rules and changes of regulation for derivatives and commodity indexed funds, and activity within Congress, especially in the context of the H.R. 4173, the Wall Street Reform and Consumer Protection Act. Senior Investor Protection Act, S.906: Monitor legislation designed to protect seniors wishing to buy financial products from unqualified advisors; monitor together with trade associations. Target Date funds: Monitor possible legislation and SEC as well as Department of Labor regulatory activities. SEC and money markets: Monitor and see proposed SEC regulations. Mutual funds; Advocate for the ability to defer annual capital gains taxation of dividends that are reinvested in mutual funds, GROWTH act S. 1082. Proprietary Trading - Follow provisions in H.R. 4173, the Wall Street Reform and consumer Protection Act that would restrict the ability of some institutions to engage in proprietary trading and investments in hedge or private equity funds.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Taxation/Internal Revenue Code TAX
Cascading taxes for foreign-owned insurers: Advocate against measures that would lead to imposition of an excise tax twice when insurance for reinsurance is placed from the U.S. to a foreign company and then when the foreign company reinsurers the U.S. risk. The IRS issued a ruling on this in March (IRS Ruling 2009-15). Executive Compensation: Monitor and oppose efforts to change carried interest tax treatment. Foreign Account Tax Compliance Act - Follow implementation of "FACTA" which became law in March. This Act increases reporting and withholding requirements for foreign financial firms. Exchange traded notes: For PIMCO followed issue through trade association Investment Company Institute, EIN's are an alternative to mutual funds and enjoy a tax preference. Treasury has recently weighed in and may view this current tax treatment as not appropriate. Related-party reinsurance taxation: Advocate against legislation, HR 3424 by Rep. Richard Neal (D-MA). This legislation would prohibit offshore reinsurance affiliates of insurance companies not required to pay U.S. taxes from taking deductions for "excel reinsurance premiums" for domestic risks. Let Wall Street Pay tax proposal: Oppose provision of HR 1068, the Let Wall Street Pay for Wall Street's Bailout Act of 2009, that would tax securities transfer and transactions. Monitor and oppose Obama Administration tax proposals that would change existing tax laws and increase tax requirements for life insurance. Monitor and oppose provision in "tax extenders" legislation (HR 4213, the American Jobs and Closing Tax Loopholes Act) that would increase taxes on earned interest.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Retirement RET
401 (k) fee disclosure: Oppose legislation that would require 401 (k) plan administrators to reveal charges associated with four categories of fees; administrative fees, investment management fees, transaction fees, and other costs. 401 (k) automatic enrollment: through trade associations, support efforts to expand automatic 401 (k) enrollment for workers. Also oppose efforts to include these provisions in "tax extended" legislation.
| Lobbyist | Covered position, as disclosed |
|---|---|
| PETER A LEFKIN | — |
| RASHMI SUTTON | — |
Shown as published by the Senate Office of Public Records and the House Clerk under the Lobbying Disclosure Act. The official filing is the record; open it for the full form.