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Message From the President

Michele S. Gatto

Review of ALIC Annual Meeting Held May 22-25, 2010

"Charting the future Amidst Challenge and Change — New Rules, Regulation and Risks"

The Association of Life Insurance Counsel's 2010 Annual Meeting was held May 22-25 at Château Élan Resort & Winery in Braselton, Georgia. The 148th meeting of the Association was widely acclaimed as a success. It was well-attended and offered members and attendees the opportunities for legal scholarship, furthering of professionalism among the life insurance bar, as well as fellowship and collegiality that we count on from ALIC.

On May 22 the ALIC Board of Governors meeting was preceded by Board Audit & Finance and Membership Committee meetings. Later that evening an Early Arrival Welcome Reception occurred on the Château lawn outside of the Winery with clear view of the 3,500 acres of vineyards.

In the Château Élan Inn Atrium on Sunday, May 23 an enthusiastic welcome was extended to over 220 attendees, guests, and speakers at the traditional opening reception where President Michele Gatto introduced the 33 new members to the assembled group. Immediately prior to this general welcome reception, the new members had gathered in the Cask Room at the Château Winery to get to know Board members, Officers, Section Chairs and Vice Chairs, and speakers.

At the Monday, May 24 General Session President Gatto's introductory remarks included a commentary on the meeting's theme "Charting the Future Amidst Challenge and Change--New Rules, Regulation and Risks," and an overview of the meeting presentations which would address potential risks, challenges, and changes on the horizon in our industry.

The keynote address delivered by U.S. Representative Ed Royce focused on financial services regulatory reform. Congressman Royce, who is serving in his ninth term in Congress, representing Southern California's 40th district based in Orange County, serves as a senior member of the House Committee on Financial Services and on the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittees, among others. Representative Royce has served on the Conference Committees for some of the most significant financial services legislation. His keynote address to a packed ballroom was well received by the meeting attendees and served as a prelude for the panel discussion that followed on the main stage.

This panel discussion on financial services regulatory reform was moderated by Cynthia Shoss, Partner at Dewey & LeBoeuf LLP. It included a robust discussion and commentary from Ethan Sonnichsen, Managing Director, Government Relations at NAIC; Steven Weisbart, Ph.D., CLU, Senior Vice President and Chief Economist at the Insurance Information Institute; Kim Dorgan, Senior Executive Vice President, Public Policy at ACLI; Charles Landgraf, Head of Legislative and Public Policy Group at Dewey & LeBoeuf LLP; and via conference phone Thomas Glassic, Chief Counsel, Committee on Financial Services, U.S. House of Representatives.

The breakout sessions that followed, which were also to packed rooms, featured the following topics:

• Corporate Governance & Risk Management, Including Principles-Based Reserving
• Proposed Uniform Standard of Conduct for Broker-Dealers & Advisers--Practical Implications for Insurance Products
• The Mortgage-Backed Securitization Industry--Past, Present, & Future
• Caught in the Middle: The Conflict Between Civil Unions/Domestic Partnerships/Same Sex Marriage & DOMA
• Simplifying & Shortening Variable Annuity Disclosure Materials
• Federal Tax Update: A Review of Recent Legislation, Litigation & Regulatory Activity

On Monday afternoon, May 24, we enjoyed the camaraderie of our traditional sports and social activities. More than 70% of the attendees participated in golf, tennis, croquet, as well as an additional very popular activity - wine tasting - which was featured at the Winery. These social and sports events helped to promote the fellowship and professional friendships which ALIC members value so much. The sunny Georgia weather contributed to the ambience of this venue.

The social and sports events culminated at the Monday evening reception where Social Chairs Kathie Weber and Barrie Stokes introduced activity chairs: Dan Fischer (tennis), Tom Workman (croquet), Drew Kitchen (golf), and Kathie Weber, herself (wine tasting). Social and sports awards were presented amidst good humored commentary and a merry time was had by all.

At the ALIC traditional Dinner Dance that followed, President Gatto welcomed guests and recognized President-Elect Dennis Schoff and others who contributed to making the meeting a success. Tom English introduced Thomas E. Workman as the recipient of the Buist M. Anderson Distinguished Service Award. Tom Workman delivered a moving address to the attendees expressing his humble gratitude and reflecting on his years in the industry and those notable individuals in our industry who were such strong positive influences for him.

The evening concluded with dancing to the music of the talented Atlanta-based band, "Party Nation." When the dancing ended and the President thanked the band, the band leader stated that Tom Workman's remarks were truly the highlight of the evening.

The Tuesday, May 25 meeting commenced with a content-laden main stage litigation panel presentation moderated by Margaret Levy, Partner at Manatt, Phelps & Phillips, LLP. The panel was comprised of three separate sections: "Senior Moments: Recent Annuities Litigation & Its Implications" by Andrea J. Robinson, Partner at WilmerHale; "Arbitration v. Litigation: Which Is The Lesser Of Two Evils?" by Elizabeth Bondurant, Partner at Smith Moore Leatherwood LLP and Robert (Bob) Burke, Assistant General Counsel at National Life Group; and "The New Frontier of STOLI Litigation - Stranger…And Even More Strange" by Jim Hoffman of Drinker Biddle & Reath LLP.

The Annual ALIC Business Meeting which followed included a financial report from Secretary/Treasurer Carl Wilkerson, the ABA Delegate report by Chip Delano, then Carl's report of the Nominating Committee's recommendations, after which the members unanimously elected Carol Watson as President-Elect, Carl Wilkerson was re-elected as Secretary/Treasurer and Dennis Schoff succeeded to the Office of President. Newly elected members of the Board of Governors are: Ruth Epstein (Dechert), Ray Manista (Northwestern Mutual), Mark Roellig (Mass Mutual), and Jana Lee Pruitt (LICONY).

Immediate Past President Michele Gatto expressed her sincere pleasure in serving as the 81st President of ALIC and her delight about the positive attendance numbers at this meeting. She thanked the Board of Governors, Section Chairs and Vice Chairs, and the Membership Committee led by Cynthia Shoss and Terry Rasmussen for their diligent efforts in bringing 55 new members into ALIC.

The Business Meeting was followed by a special meeting of the members to discuss the topic of incorporation of ALIC, which has been an unincorporated association. Dennis Schoff, past Chair of the Audit & Finance Committee and newly elected President, and Dick Dunham, Partner at Debevoise & Plimpton led the discussion after which members voted to unanimously incorporate ALIC under Delaware law.

The two additional General Session presentations that followed were highly praised by attendees. The first, "Compliance Considerations for Social Media Use by the Life Insurance Industry," was presented by Jennifer C. Archie of Latham & Watkins LLP. The second, "Ethical Traps Embedded in Electronic Documents: Inadvertent, Serious, and Avoidable," about metadata, was presented by Professor David Hricik, Mercer University, Walter F. George School of Law.

Attendees were reminded that the 2011 ALIC Annual Meeting will be held at Loew's Ventana Canyon Resort in Tucson, Arizona May 14-17, 2011.

The presentations at the 148th Annual Meeting from notable lawyers and practitioners in our industry were timely, robust, and practical and also were very well attended and enthusiastically received by attendees. The excellent written materials furthered the legal scholarship of ALIC. And the sports and social events and receptions provided a forum for getting to know our fellow professionals and advancing the collegiality for which ALIC is treasured.

As noted, 55 new members joined ALIC this past year. If you would like to sponsor a member please go to www.alic.cc for membership information and application. It is our members who make our organization grow and thrive!

Respectfully submitted
Michele S. Gatto
Immediate Past President
ALIC