Practice/Industry Group Overview
The insurance industry is under increased scrutiny as it confronts complex and relentless challenges. With unprecedented dislocation in the financial markets, demanding regulatory initiatives and the need to manage risk in a less-than-benign economy, insurance companies require consistently strong and reliable legal assistance.
With more than three decades of related experience, our attorneys are well acquainted with the myriad regulations that govern the insurance industry and the policies and politics behind them.
Wilson Elser’s Insurance Regulatory & Compliance practice encompasses all segments of the insurance industry globally. With more than three decades of related experience, our attorneys are well acquainted with the myriad regulations that govern the insurance industry and the policies and politics behind them. Our practice attorneys offer comprehensive, purposeful and timely legal counsel to insureds, brokers and agents; reinsurance intermediaries; surplus line brokers; managing general agents; and insurers and reinsurers. We draw on the experience and nationwide resources of the entire firm and are in frequent contact with key state and federal insurance regulators.
We advise on the creation of insurance companies, the domestication of U.S. branches of alien insurers, and the re-domestication of U.S.-based insurers and reinsurers; qualification of excess and surplus line insurers; and formation and registration of risk retention groups and purchasing groups. We also guide insurance company demutualizations, mergers and acquisitions; reorganizations and spin-offs; and shell company purchases and sales.
Our Insurance Regulatory & Compliance practice carefully monitors regulatory bodies and advises clients on the unrelenting changes in licensing and regulation. This often includes assistance in preparing for compliance audits as well as counseling insurance agents, brokers, underwriting managers, managing general agents, third-party administrators, reinsurance intermediaries and consultants on the current regulatory landscape and its practical implications. We counsel these service providers and all of our clients on what constitutes unfair trade practices, their fiduciary obligations, and the implications of partnering with licensed entities and referral sources as well as which activities are and are not licensable by the states. Wilson Elser attorneys similarly advise on insolvency proceedings inclusive of rehabilitation, conservation and liquidation proceedings, and handle runoff of liabilities. When required, we also address the day-to-day compliance issues of business operations.
Firmly entrenched where government, business and law converge, and with offices strategically located around the country, Wilson Elser serves as a single resource for many of our insurance clients. Working in integrated, collaborative fashion, we draw on experience, intelligence and ingenuity to identify legal solutions that advance their business objectives.