Voya 2013 Annual Report Download - page 67

In addition to the various US and international regulatory initiatives, the Dutch authorities have launched a
number of Dutch regulatory initiatives, including but not limited to the Dutch Intervention Act and legislation
with regard to variable remuneration at financial institutions that have received state support.
The Intervention Act grants new powers to the DNB and the Minister of Finance to intervene in situations
where an institution, including a financial group such as ING Group, faces financial difficulties or where there is
a serious and immediate risk to the stability of the financial system caused by an institution in difficulty. The Act
has entered into force with retroactive effect on January 20, 2012.
In addition, the European Union has implemented certain requirements with respect to compensation
disclosures and practices in financial services companies that may affect the Company. We are unable to predict
how any regulations resulting from such initiatives and proposals could affect the way ING Group conducts its
business and manages capital, or to what extent any changes in the way ING Group conducts its business as a
result thereof could affect us, as a consolidated subsidiary of ING Group, our relationship with ING Group or our
results of operations, financial condition and liquidity. The possibility of inconsistent and conflicting regulation
of ING Group and the Company also exists as lawmakers and regulators in multiple jurisdictions simultaneously
pursue these initiatives.
Other Laws and Regulations
USA Patriot Act
The Patriot Act contains anti-money laundering and financial transparency laws applicable to broker-dealers
and other financial services companies, including insurance companies. The Patriot Act seeks to promote
cooperation among financial institutions, regulators and law enforcement entities in identifying parties that may
be involved in terrorism or money laundering. Anti-money laundering laws outside of the United States contain
provisions that may be different, conflicting or more rigorous. Internal practices, procedures and controls are
required to meet the increased obligations of financial institutions to identify their customers, watch for and
report suspicious transactions, respond to requests for information by regulatory authorities and law enforcement
agencies and share information with other financial institutions.
We are also required to follow certain economic and trade sanctions programs administered by the Office of
Foreign Asset Control that prohibit or restrict transactions with suspected countries, their governments and, in
certain circumstances, their nationals. We are also subject to regulations governing bribery and other
anti-corruption measures.
Privacy Laws and Regulation
U.S. federal and state laws and regulations require financial institutions, including insurance companies, to
protect the security and confidentiality of personal information and to notify consumers about their policies and
practices relating to their collection and disclosure of consumer information and the protection of the security and
confidentiality of that information. The disclosure and security of protected health information is also governed
by federal and state laws. In particular, regulations promulgated by the U.S. Department of Health and Human
Services regulate the disclosure and use of protected health information by health insurers and others (including
life insurers), the physical and procedural safeguards employed to protect the security of that information and the
electronic transmission of such information. Federal and state laws require notice to affected individuals, law
enforcement, regulators and others if there is a breach of the security of certain personal information, including
social security numbers, and require holders of certain personal information to protect the security of the data.
Federal regulations require financial institutions to implement effective programs to detect, prevent and mitigate
identity theft. Federal and state laws and regulations regulate the ability of financial institutions to make
telemarketing calls and to send unsolicited e-mail or fax messages to consumers and customers. Federal laws and
regulations also regulate the permissible uses of certain types of personal information, including consumer report
information. Federal and state governments and regulatory bodies may consider additional or more detailed
regulation regarding these subjects.
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