Committee Reports: March 2021
The Development Committee is tasked with engaging the membership, assessing and addressing membership needs and interests, and planning some of the interactive events at the April Conferences and October Meetings. In connection with the upcoming Conference, the Development Committee is assisting the Co-chairs in making the virtual conference an engaging and interactive event in light of our “new normal”.
Any questions can be directed to Tina Smith, Renée Dailey or Maureen Cronin.
The Communications Committee is responsible for communications among the College’s members and for communications between the College and the investment community at large. The Committee is responsible for preparing and publishing the College’s monthly newsletter, Private Notes. Among other items of interest to the College’s members, the monthly Private Notes includes summaries of recent judicial decisions, information about job openings, and CLE announcements.
The current co-chairs of the Communications Committee are Keith Atkinson (Nuveen), Lisa Conmy (Foley & Lardner), and Danielle Maksimow (Norton Rose Fulbright Canada). The current co-editors of the College’s monthly newsletter are Charles Calloway, Jr. (Chapman & Cutler LLP) and Josephine Vashi (AIG Investments). If any Fellow of the College is interested in joining the Communications Committee, please reach out to any of the co-chairs of the Committee. We are always looking for new volunteers, and the Committee is a great way to get introduced and provide pertinent information to the College and its Fellows!
The primary responsibility of the Membership Committee is to consider applications for ACIC membership and to recommend those applicants meeting the membership criteria of the College to the Board of Trustees for a membership vote. In discharging this responsibility, the committee considers the totality of a candidate’s responses in his/her application, with particular emphasis given to (i) the portion of the applicant’s practice which is devoted to representing institutional investors, (ii) indicative transactions or other legal representations on behalf of institutional investors demonstrating the applicant’s representation of institutional investors, (iii) participation by the applicant in the activities of the College (e.g. Forums and educational meetings), and (iv) other factors, which the Board of Trustees has determined to be relevant to the College. The committee also reviews, and refers to the Board, applications for Emeritus status from long-time members who are retiring but want to remain plugged in to the College. Finally, the committee seeks to implement various initiatives to improve the onboarding experience of new members in the College and to encourage active engagement in the College among the membership generally. Please reach out to the Co-Chairs, Patti Boss (Voya), Catherine Hood (Bracewell LLP), or Kirk M. Orr (AIG Investments) with any questions!
Website and Social Media Committee
The Website and Social Committee is responsible for creating and maintaining the College’s website and social media accounts. We create and maintain content, as well as provide a forum for the sharing of information and resources relating to our business. The website was recently redesigned, and now features a “Covid-19 Resources” tab on the home page to directly bring you content related to the unique challenges our businesses face in these interesting times. If anyone has any suggestions for the website, or would like to join the Website Committee, please do not hesitate to reach out to a committee member or to one of the committee co-chairs: Melody Cross (Prudential), Michael Fierro (Prudential) and David Lawton (Morgan, Lewis & Bockius LLP).
The Education Committee supports the ACIC’s efforts to provide its members with high quality CLE opportunities. In 2021, that includes supporting the co-chairs of the upcoming virtual Spring Forum as well as hosting four webinars throughout the year. The first of these webinars was held in January and focused on ESG issues. We hope that 2021 can bring us back to an in-person Annual Conference in October when we can gather as a college as has been a valuable tradition for many years!
Transaction Process Management Committee
The Transaction Process Management Committee (TPMC) is responsible for the continued development of the Model Form Note Purchase Agreements and other documents. Over the last few years the TPMC has been responsible for (i) updating both the domestic and cross-border Model Form Note Purchase Agreements, (ii) updating the Model Form Make-Whole and Swap Indemnity Language for Swapped Notes as well as the Model Form Swap Indemnity Letter, (iii) providing for a maintenance of rating covenant (pertaining to private letter ratings) incorporating the necessary requirements of the TPMC in order for a private placement issuance to qualify for Filing Exempt with the SVO, and (iv) the development of a Model Form Guaranty Agreement.
The current projects that the TPMC are undertaking include (a) addressing ongoing market comments to the Model Forms, (b) providing for a standard LIBOR sunset provision for floating rate Notes in the PP market and considering the Best Practices for Completing the Transition from LIBOR as prepared by the Alternative Reference Rates Committee (ARRC) of which the NAIC is a member, (c) instituting procedures in an effort to mitigate fraud in the funding process, (d) considering “global” Model Form NPAs taking into account the growing global investor base beyond just US insurance companies, which would affect (among others) the economic sanctions and tax withholding provisions, and (e) continuing to explore the current work-from-home environment and its effect on transaction execution including use of electronic signatures, elimination of physical note certificates and increased use of Zoom, Webex and other virtual meeting platforms.
Each report has been compiled by Sarah Olson of Thrivent