John Pruitt counsels insurers and other participants in the insurance sector on a wide range of regulatory and transactional matters. His breadth of experience includes advising property and casualty and life insurance clients on regulatory compliance, acquisitions, dispositions and restructurings. He has extensive experience assisting clients with governance, licensing, financial and market conduct examination and Insurance Holding Company Act matters. He also drafts, advises and negotiates reinsurance contracts and insurance policies. In recent years, Mr. Pruitt has been involved in internal investigations and regulatory enforcement actions in a variety of matters, including broker compensation practices, finite risk reinsurance, rating practices, and insurance sales and marketing practices. Mr. Pruitt regularly attends meetings of the National Association of Insurance Commissioners and various insurance industry trade associations and actively monitors emerging issues in U.S. domestic and international regulation of insurance.
Representative Experience
John's representative experience includes:
ˇ Sale of shell insurance companies on behalf of a group of insurers in runoff
ˇ Redomestication of various property/casualty insurers
ˇ Due diligence and regulatory approvals in connection with various acquisitions, including a major direct response auto insurer
ˇ Internal review of cross-border sales of insurance products
ˇ Review, negotiation and drafting of reinsurance agreements
ˇ Restructuring to separate active and discontinued lines of insurance
ˇ Compliance review for a Bermuda insurer
ˇ Drafting various commercial property and casualty policy forms including: excess liability, directors and officers' liability, professional errors and omissions, and property forms
Publications and Speaking Engagements
ˇ Co-author, "Multiple Representations: The SEC v. D&O Insurers," Bloomberg Law Reports (January, 2012).
ˇ Co-author, "Country Q&A: Insurance and Reinsurance in the United States," and Editorial Board member, PLC Cross-border Insurance and Reinsurance Handbook 2012
ˇ Co-editor and Contributor, PLI Insurance Regulation Answer Book (2012 ed.)
ˇ Speaker, "United States Perspective on Transparency, Conflicts of Interest and Broker Remuneration," British Insurance Law Association (October 2011)
ˇ Co-author, "Modernizing Insurance Regulation in the United States," a study prepared for the Anthony T. Cluff Research Fund of the Financial Services Roundtable (October 2011)
ˇ Panelist, "Due Diligence in Broker M&A," SNL Insurance Brokerage Summit (November 2010)
Legal Alerts
Legal Alert: FSOC Finalizes Rule for Designation of Insurance Company and Other Nonbank "Systemically Important Financial Institutions"
April 17, 2012
Legal Alert: The NAIC Releases Draft ORSA Model Act for Public Comment
April 10, 2012