One of the most famous quotes of baseball legend Yogi Berra was his adage: "It ain't over till it's over." No wiser or more appropriate words could be used to describe the situation we're now in regarding the new financial services reforms–the assemblage of which will likely be with us until well after the ink of President Barack Obama's signature dries.

For starters, one thing that wasn't very clear (or at least wasn't well publicized) during the near two-year debate over the bill was the vast amount of work that would be required before the law can actually take effect.

With reams of rule-makings and studies to be done and more than 200 regulations to be drafted, not only is time an element but so, too, is the core intent of the 2,300-page, Dodd-Frank Act, named for the bill's champions. Depending on how regulators interpret the law, the insurance industry may or may not fare so well in the long run.