NAIC Report: 2023 Spring National Meeting
The 2023 Spring National Meeting of the National Association of Insurance Commissioners (the "Spring National Meeting") was held from March 21-25, 2023 in Louisville, Kentucky with attendees participating virtually or in person. The National Association of Insurance Commissioners ("NAIC") President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers opened the conference by highlighting the NAIC's key priority areas for 2023, which include (i) oversight of insurer...
Preview: 2023 NAIC Spring National Meeting
The National Association of Insurance Commissioners (the "NAIC") will hold its 2023 Spring National Meeting (the "Spring National Meeting”) from March 21-25, 2023 in a hybrid format, with meetings taking place virtually and in Louisville, Kentucky. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Spring National Meeting.
2022 Insurance Industry Risk Factor Review
Below please find the link to our most recent review of public insurance and reinsurance company risk factor disclosures, which includes risk factors included in each company’s annual report on Form 10-K or subsequent quarterly reports on Form 10-Q filed in 2022. We continue to monitor and discuss with our clients other industry-related developments, which may facilitate the need for further risk factor refinements in the near future. Click here to read...
2022 Insurance Year in Review
To Our Clients and Friends: We are pleased to present the Willkie Insurance Year in Review. In this year’s review, we focus primarily on M&A and other strategic activity affecting the insurance industry. Our review concentrates on activity in the United States, London/Europe and Bermuda. We also discuss regulatory and other developments which impacted M&A activity in 2022 or which may impact activity in future years, and offer a few...
NAIC Report: 2022 Fall National Meeting
The National Association of Insurance Commissioners (the "NAIC") held its 2022 Fall National Meeting (the "Fall National Meeting") from December 12-16, 2022 in a hybrid format, with attendees participating virtually or in person in Tampa, Florida. NAIC President and Idaho Insurance Director Dean L. Cameron opened the Fall National Meeting with his reflections on the NAIC's key priorities and activities during the past year, including promoting diversity and inclusion in...
Preview: 2022 NAIC Fall National Meeting
The National Association of Insurance Commissioners (the “NAIC”) will hold its 2022 Fall National Meeting (the “Fall National Meeting”) from December 12-16, 2022. The Fall National Meeting will be a hybrid format, taking place in Tampa, Florida, and also streamed virtually. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Fall National Meeting.
NAIC Report: 2022 Summer National Meeting
The 2022 Summer National Meeting of the National Association of Insurance Commissioners (the “Summer National Meeting”) was held from August 9–13, 2022 in Portland, Oregon with attendees participating virtually or in person. NAIC President and Idaho Insurance Director Dean L. Cameron opened the Summer National Meeting by highlighting the key topics to be addressed during the meeting, including the NAIC’s work regarding the role of private equity ownership in the...
NAIC Adopts Plan to Address Considerations Related to Private Equity Owned Insurers
At the Summer National Meeting of the National Association of Insurance Commissioners (the “NAIC”) on August 13, 2022, the NAIC adopted a plan (the “Work Plan”) to address the list of “Regulatory Considerations Applicable (But Not Exclusive) to Private Equity Owned Insurers” (the “Considerations”). The Considerations were developed by the NAIC over the last year and pertain to the ability of state insurance regulators to effectively monitor the solvency of...
Career Opportunities at Zurich North America
Assistant General Counsel - Life Insurance Regulatory Zurich North America has an exciting opportunity for a talented attorney to join the Legal Services team as an Assistant General Counsel within their Corporate Law department located in Schaumburg, IL. This role will provide expert legal counsel on a broad range of life insurance regulatory matters to enable the business to achieve its strategic and commercial goals in accordance with applicable laws...
2021 Insurance Industry Review
To Our Clients and Friends: We are pleased to present the Willkie Insurance Industry Review of developments in the insurance sector. This includes a discussion of mergers and acquisitions, corporate governance and shareholder activism, insurance-linked securities, excess reserve financings, longevity and derisking transactions, traditional capital markets transactions and the regulation and taxation of insurance companies, covering the United States, the United Kingdom and the European Union. We hope that...
Key Takeaways From The NAIC Summer National Meeting
Click here to download full version Authors Stephanie Duchene | Kara Baysinger At the 2021 summer national meeting of the National Association of Insurance Commissioners, or NAIC, held from August 14-17 in a hybrid format, with attendees participating virtually or in person in Columbus, Ohio, insurance regulators continued to tackle several significant issues affecting the insurance industry. Florida Insurance Commissioner and NAIC President David Altmaier opened by identifying the NAIC's...
Preview: 2021 NAIC Summer National Meeting
The National Association of Insurance Commissioners (the “NAIC”) will hold its 2021 Summer National Meeting (the “Summer National Meeting”) from August 14-17, 2021. The Summer National Meeting will be a hybrid format, taking place in Columbus, Ohio, and also streamed virtually. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Summer National Meeting.
Acquisition of Control of U.S. Insurance Companies
Click here to download full version Authors Stephanie Duchene | David Heales | Allison J. Tam Acquisitions of U.S. insurance companies entail working through the insurance industry’s unique complexities. In the United States, insurance company acquisitions present regulatory and execution intricacies. Insurance companies can be acquired via a stock acquisition or the business of insurance companies can be acquired through asset sales, bulk reinsurance transactions, assumption and novation, and renewal...
Key General Principles for Insurance Advertising
Click here to download full version Authors Stephanie Duchene | David Heales Insurance is a heavily regulated industry and advertising insurance products attracts greater scrutiny than most other financial products. “Advertising”, for the purposes of insurance regulation, is typically defined (or otherwise interpreted by regulators) very broadly. Below are a set of “best practice” key general principles for all participants in the insurance industry – e.g. whether insurance producers, program...
Colorado Adopts Insurance Company Division Law
In recent years, several U.S. states have enacted insurance business transfer legislation or promulgated regulations allowing an insurer to transfer its business, or a book of business, to another entity without the need for individual policyholder consent. Separately, a few other U.S. states have taken a step in the direction of corporate reorganization by allowing an insurer to divide into separate companies. We have previously reported on such legislation and...
New York Insurance Regulation 187 Overturned by the Appellate Division of the New York State Supreme Court
In a stunning reversal of efforts by the New York State Department of Financial Services (“DFS”) to impose a “best interest” standard on all life insurance sales, the Appellate Division struck down recent revisions to New York Insurance Regulation 187 – Suitability in Annuity Transactions (“Revised NY Regulation 187”) as unconstitutionally vague. Insurers and producers who have been struggling with the complexities of complying with inconsistent new sales practice standards...
NAIC Report: 2021 Spring National Meeting
The 2021 Spring National Meeting of the National Association of Insurance Commissioners (the “Spring National Meeting”) was held from April 7-9 and 12-14, 2021. The Spring National Meeting marked the NAIC’s fourth national meeting held in a virtual format. In his inaugural National Meeting as NAIC President, Florida Insurance Commissioner David Altmaier opened the Spring National Meeting by reflecting on the past 150 years of accomplishments of the NAIC, discussing...
2020 Insurance Industry Review
Corporate and Risk Transactions, Regulation and Tax Developments January 15, 2021 To Our Clients and Friends: As lawyers we are trained to anticipate the worst-case and to always have a Plan B. This has served us well for the decades we have been advisors to the insurance industry during which we and our clients have experienced financial market dislocations and recessions, armed conflicts, natural catastrophes and terror events. But never...
Porch Group Announces Acquisition of Homeowners of America and Expansion Into InsurTech
Willkie represented HOA in the transaction. Porch Group, Inc. (Porch) and Homeowners of America (HOA) have executed a definitive merger agreement for Porch to acquire HOA and all related subsidiaries. HOA is a Managing General Agent (MGA) and insurance carrier hybrid with high margins and a capital efficient reinsurance strategy which limits retained risk. HOA operates in six states, including Texas, Arizona, North Carolina, South Carolina, Virginia, and Georgia. The...
Truist Insurance Acquires Insurtech Company Wellington
Willkie represented Truist in the transaction. On December 7, Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced the acquisition of Wellington Risk Holdings, Inc., an industry-leading Insurtech that operates as a managing general agent (MGA) in the admitted residential property markets, with a strong presence in Texas. Wellington has developed a virtual marketplace offering that includes an easy-to-use agent portal and unique pricing flexibility, resulting in competitive...
Insurtech IPO Success Highlights Shifting Investor Priorities
The last six months have been marked by profound changes in how we live and interact with one another. The COVID-19 pandemic has cast a spotlight on societal inequities and racial injustice and reinvigorated dialogue around sustainability and environmental reform. Click here to read more from Law360.