Practice/Industry Group Overview
Insurance companies face particularly tough hurdles as they strive to complete complex transactions in a highly regulated industry. Whether they are forming new insurance companies, selling, buying or merging with existing insurers and related entities, or launching new product lines, they must meet a range of state-specific rules or they risk significant penalties and diminished business momentum.
Wilson Elser helps its clients envision, plan and execute a range of insurance-related transactions, including formation of companies and purchasing groups as well as asset and stock purchase transactions.
Wilson Elser helps its clients envision, plan and execute a range of insurance-related transactions, including formation of companies and purchasing groups as well as asset and stock purchase transactions. Our insurance transaction attorneys and others in the firm have been working on insurance matters for more then three decades, so we understand the need to meet urgent deadlines while preserving a sound, efficient process.
Our insurance transaction team has extensive experience in forming and licensing insurers, including life and property and casualty insurers and holding companies, insurance producers, claims adjusters and other service providers. We represent sellers and purchasers in asset and stock purchase transactions that involve insurance companies and companies serving the insurance industry. The team also handles statutory mergers.
Wilson Elser regularly assists clients with forming and registering purchasing groups. Our team is experienced in organizing U.S. branches of non-U.S. insurers, life insurance and property & casualty company subsidiaries in numerous states. In such cases we take care of the license applications that must be submitted in every state.
Clients appreciate our deep knowledge of insurance regulations across the nation. We guide them through the licensing process and help them comply with the wide-ranging state insurance codes and insurance department rules and regulations. We advise them on such regulatory questions as issuance of insurance related products by non insurers, the prohibition against rebating, misrepresentation of policy benefits, improper use of credit information, unfair claims settlement practices, unfair methods of competition, and other unfair and deceptive trade practice issues.
Our extensive experience with insurance products, combined with our long-established credibility among New York and other state insurance regulators, makes us powerful advocates for clients who seek to launch innovative new products in the state. We are able to bring clients before regulators early in the process, to give them an opportunity to explain their product innovations and get preliminary feedback on any potential issues. This allows clients to make go/no-go decisions, or address specific structural problems, before time and money are misspent on potentially non-compliant product designs.
We understand that the regulatory environment is evolving quickly, with new risks of non-compliance arising every day. In response, our services include advising insurance companies and brokers on important corporate governance issues. These issues include, but are not limited to, compliance with the USA Patriot Act and Sarbanes Oxley, privacy and HIPAA compliance, money-laundering, compliance with the Dodd-Frank Act, regulation of viatical settlements and life insurance policy replacements, review of insurer and producer solicitation and advertising, and use of the internet in marketing insurance products. We also represent insurer clients in triennial examinations and audits, market conduct examinations, risk enterprise management audits, and disciplinary matters.