Fueled in part by the global economic downturn, the regulatory environment for insurance carriers has grown vastly more challenging and complex. Regulations governing capital standards and the coordination of global insurers in local markets impose unprecedented requirements and dictate near-paralysing levels of adherence. Various organisations—notably the International Association of Insurance Supervisors (IAIS)—are gaining traction as self-regulation is diminished in favour of statutory rules.
The member firms of Legalign Global maintain a shared commitment to monitor these changes and are thoroughly entrenched in the substance and subtleties of the international regulatory landscape—whether by line of business, global region or individual country. We counsel insurers and reinsurers, captive insurance companies, producers and other insurance intermediaries around the world on structuring and expanding operations to take advantage of new opportunities, identify and shape emerging legislative and regulatory policies, and devise compliance and internal investigation strategies.
All member firms enjoy a proven record of helping clients resolve issues before regulatory bodies, responding to inquiries and investigations, and maintaining positive relationships with related authorities. Regardless of the parent law firm, our lawyers act as one in assisting specifically with the regulatory aspects of:
- Entity formation
- Holding company systems regulation
- Underwriting and rating of commercial insurance
- Policy wording
- Financial and solvency regulation
- Insurance receivership and insolvency proceedings
- Insurance and broker relationships
- Reinsurance and surplus lines eligibility
- Captive insurers
- Alternative risk-transfer products
- Insurance company mergers and acquisitions, reorganisations and spin-offs
- Domestication of branches of alien insurers
- Qualification of excess and surplus line insurers
- Formation and registration of risk retention and purchasing groups.
Our lawyers frequently negotiate with insurance regulators to overcome obstacles and develop creative approaches to gaining approvals for proposed forms of business arrangements. Acknowledging frequent statutory and regulatory change and the perilous implications of noncompliance, we also offer accomplished counsel on what constitutes unfair trade practices, clients’ fiduciary obligations, and the implications of partnering with licensed entities and referral sources.
To learn more about the diversified legal services and product expertise offered by each of the Legalign Global member firms, click below: