Reg 151A SEC Brief and Preliminary Thoughts
I have been giving the SEC's brief in response to the Petition for review of the SEC's order on Reg 151A a preliminary look. It is my reading material for this weekend! One thing that immediately jumped out at me is that it is 90 pages long and that 6 attorneys for the SEC are listed on the cover of the brief. That is a legal arsenal that most state insurance departments would rarely have at their disposal on a single issue. Legal challenges to state regulations are pretty rare. There are six pages in the Table of Authorities in this SEC brief. Court challenges to federal regulations seem much more common. Another interesting initial observation about this litigation is how it has publicly split the industry. I am beginning to think that as an insurance regulatory attorney I am also going to need to brush up on my federal rules of civil procedure. It has been rare for case law to be an important component of a regulatory practice, but as we seem to move toward federal regulation, that seems likely to change.
I hope that most of you reading this have more fun reading planned for the weekend, so I will be posting more substantive thoughts on the brief after I read it in full. (But for my friends who care about the balance in my life, do not worry: I will be spending both days this weekend out on the course of the Tour of the Battenkill bike race, marshaling and spectating. I do not have to worry about ALL work and no play. Mornings and Evenings will be work and the middle of the day outside play - not bad for a lovely Spring weekend!!)
