One of the cornerstones of AIRROC’s mission and vision is to be the leading industry educator and enhancing knowledge about the legacy market and the exit strategies and solutions they offer. In furtherance of that role, Carolyn Fahey, Executive Director of AIRROC, Al Bottalico, Insurance Specialist with Norton Rose Fulbright and James Mills, Vice President and Legal Counsel of Enstar US gave an educational presentation on the trends, developments and benefits of restructuring solutions at the Society of Financial Examiners’ Career Development Seminar held July 28th to August 1st, 2024.
Conference attendees learned about:
- How restructuring solutions offered by the legacy market can be financially beneficial, ease administrative burdens, free up resources to focus on other business avenues and/or secure finality for their unneeded lines.
- The number of states that have now adopted insurance restructuring statutes, including an overview and the geneses of these statutes being based on long-standing laws in Europe.
- Case studies of actual transactions that have been completed, including how these transfers are conducted while protecting the interests of all stakeholders.
- Lessons learned, including the importance of independent review of proposed transactions, as well as how the transaction benefited the parties.
- The current status of the NAIC potential legislative action and regulatory rulemaking to address various restructuring mechanisms and the principal objections that regulatory agencies have raised to transfers and divisions.
