New Jersey, California and North Carolina join list of jurisdictions that have enacted "revival windows” for time-barred sex abuse claims. New Jersey “revival window” for time-barred sex abuse claims effective as of December 1, 2019; California and North Carolina to follow in January 2020This year has been a busy one for state legislatures, many of which … [Read more...] about States Open The Window For Sex Abuse Claims
High hopes as the US House of Representatives passes historic marijuana reform legislation which allows banks and other financial institutions to work with state-legal cannabis industry. Currently, thirty-three states and the District of Columbia have passed laws legalizing marijuana for medical and/or adult-use. … [Read more...] about Congress Takes First Step to Banking on Cannabis
Dentons Gotham Insurance Symposium hosts panel on new insurance business transfer mechanisms in Oklahoma and the US.Please join Dentons for its fifth annual Gotham Insurance Symposium, as they delve into some of the most pressing issues facing the insurers today, including insurance business transfer mechanisms in Oklahoma and the US. This panel presentation will … [Read more...] about Gotham Insurance Symposium
New York urges insurers with potential exposure to legal claims stemming from the Child Victims Act to act promptly and in good faith. The New York Child Victims Act (“CVA”) was signed into law on February 14, 2019. Among other things, the CVA extended the civil statute of limitations for sexual abuse claims against alleged perpetrators and … [Read more...] about New York State Department Of Financial Services “Expects” Insurers To “Cooperate Fully” With The Child Victims Act
Written by Luann PetrellisLuann is an insurance professional who specializes in developing runoff and restructuring strategies for discontinued (re)insurance businesses. Luann drafted the Insurance Business Transfer regulations for the state of Rhode Island, the first restructuring tool of its kind that enables companies to achieve finality for commercial P&C legacy … [Read more...] about New beginnings: US regulation is generating more flexibility for legacy deals
AIRROC’s Corporate Partner Locke Lord provides a “Quick Study” on the NAIC’s Summer Meeting in New York on August 4, 2019; specifically the NAIC’s Restructuring Mechanisms Working Group progress on insurance business transfers and corporate division statutes.Read more by clicking on this link. … [Read more...] about NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes
Fran Semaya and Fred Pomerantz, members of the AIRROC Publication Committee, had the pleasure of interviewing Thomas E. Workman for an AIRROC Matters exclusive. Tom, with over four decades of insurance background, was appointed as the Independent Member of the Financial Stability Oversight Council (FSOC), for a term of six years on March 29, 2018 after nomination by President … [Read more...] about Interview of Thomas Workman
Carolyn Fahey and Francine Semaya recently had the pleasure of interviewing Oklahoma Insurance Department Commissioner John Doak and others in the Department. They talked about the Oklahoma Senate Bill 1101, known as the Insurance Business Transfer Act, that was signed by Governor Mary Fallin on May 7, 2018. This new law provides an efficient mechanism for insurance companies … [Read more...] about A-Ok in OK
A good few eyes are focused on the daily, if not hourly, developing news on the UK’s departure from the European Union. What does it mean for the London Market and in turn for those who deal with its many participants both in the EU and throughout the rest of the world?The run-up to Brexit might have resonances of Y2K and the millennium bug but it is distinctly different. Y2K … [Read more...] about Brexit: Whats going on?
New legislation is loosening the tight regulatory knot that’s been wrapped around legacy insurance business in the U.S. Upcoming game-changers include:Key amendments to the Rhode Island Voluntary Restructuring Statute (the ‘Rhode Island Statute’), which, among other amendments (House Bill 8163), would allow (re)insurers to transfer eligible portfolios without requiring … [Read more...] about Legacy Watershed: Capitalizing on the New Legislative Options for Runoff
How many times are we going to learn about another corporate misstep? The list of companies making headlines for the wrong reasons never seems to end —Wells Fargo, Volkswagen, Target, Toshiba, Experian, Yahoo, Weinstein, Wynn, Uber—just to name a few. What do all of these companies have in common? A lack of strong corporate governance.Corporate governance can simply be … [Read more...] about Corporate Governance
Touted as the most significant federal tax legislation since 1986, Public Law 115-97 – informally known as the “Tax Cuts and Jobs Act” (the “TCJA”) – was enacted on December 22, 2017. This article examines the potential impact of several provisions of the TCJA on the insurance industry.The changes in the TCJA to domestic corporate tax provisions, including the corporate tax … [Read more...] about The Impact of the Tax Reform Act on the Insurance Industry
In the previous three articles, we took a journey that would be a dream if it were a holiday itinerary: Europe and its uniform legal and regulatory framework for portfolio transfers; then Europe met the U.S., which with small but steady steps is trying to develop its own system for legal finality and insurance business transfers; and finally, we focused on Rhode Island, … [Read more...] about The Legacy Market: Anticipation. Excitement. Commitment. Patience. That Order.
Joanne McGovern (Claims Regional Vice-President for ProSight Specialty Insurance), joined Laura Besvinick and Julie Nevins (both of Stroock & Stroock & Lavan) to discuss the dynamics of claims handling in Florida, the hallmarks of good faith claims-handling, and avoiding bad faith claims. Bad faith claims have become something of a “cottage industry” in Florida. Certain … [Read more...] about Florida Bad Faith Claims: Best Practices In Claims Handling
In The Legacy Market article that ran in the Spring 2017 issue, we discussed the various exit and capital release tools available to the European insurance market with each providing different degrees of finality and capital relief. The second Legacy Market article which ran in the Fall issue, discussed the first finality statute available in the U.S. and steps taken by other … [Read more...] about The Legacy Market: Resistance. Protection. Equivalence. Vision. That Order.
Recent developments indicate that U.S. regulators are responding to these market realities. In 2015, Rhode Island passed regulations providing for “insurance business transfers” for commercial P&C runoff business. The Rhode Island Insurance Business Transfer (RI IBT) is modeled on the U.K.’s Part VII Transfer that has been British law for almost 20 years and has resulted in … [Read more...] about Separate but Not Equal
In a world where “strong and stable” equates to weak and uncertain, the European legacy market remains strong and stable (as defined by the Oxford Dictionary), transparent, and continues to deliver Certainty (the capital C is not a typo!) and a cleaner, leaner and stronger balance sheet to each carrier that engages in the process through the implementation of the most … [Read more...] about The Legacy Market: Strength. Stability. Transparency. Certainty. That Order.
On January 13, 2017, the United States and the European Union (EU) concluded negotiations on the first insurance covered agreement after this novel multilateral international agreement, envisioned and promoted by the National Association of Insurance Commissioners (“NAIC”) and the U.S. state insurance regulators who are its members, was authorized by Title V of the Dodd-Frank … [Read more...] about Twisting in the Wind: Covered Agreement Dangling by Uncertainty and Politics
What does that mean?If rumors are to be believed (and there is no reason to think that they should not be), the long running dispute of United States Fidelity & Guaranty Co. v. American ReInsurance Co. (“USF&G v. Am Re”) settled with trial looming.As many will remember, in February 2013, the New York Court of Appeals (the state’s highest court) issued an important … [Read more...] about USF&G v. American Re Settles
The insurance industry has shown through the years that it has a remarkable ability to respond to challenges, and to adopt and adapt, whether this relates to a new financial or regulatory framework or to respond to demands for new products and solutions. One of the biggest challenges that the European industry faced in recent years was the implementation of Solvency II, the … [Read more...] about The Legacy Market: Innovation. Flexibility. Creativity. Capital Appeal. That Order.