OKLAHOMA CITY – Today, Oklahoma Insurance Commissioner Glen Mulready announced that the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan. With this approval by the Court, the Plan will transfer substantially all the insurance and reinsurance business underwritten by PWIC to Yosemite … [Read more...] about Oklahoma Completes First Insurance Business Transfer in the United States
Regulatory
Mysteries Underlying Black Lung Liabilities
Estimating future liabilities for even the most basic line of business involves in-depth analysis of data, expert knowledge of modeling, and professional application of assumptions. Black lung liabilities take reserving to an entirely different level. Black lung compensation is rooted in a complex regulatory and legislative history. The disease itself—pneumoconiosis—involves … [Read more...] about Mysteries Underlying Black Lung Liabilities
Non-Concurrency Between Ceding Companies and Their Reinsurers for Communicable Disease Exclusions: The Next COVID-19 Shoe to Drop
As COVID-19 continues to change our everyday way of life, its impact on the insurance/reinsurance industry also continues to develop. The reinsurance renewal process that many insurance companies recently went through exposes yet another impending issue the insurance industry will need to confront – non-concurrency between the coverage afforded by newly issued insurance … [Read more...] about Non-Concurrency Between Ceding Companies and Their Reinsurers for Communicable Disease Exclusions: The Next COVID-19 Shoe to Drop
The New Restructuring Plan – In Depth
The new UK legislation for companies in financial difficulty represents a fundamental shift in approach to restructuring in Europe and adds an important new tool to the UK restructuring framework. https://eurorestructuring.weil.com/reform-proposals-and-implementations/the-new-restructuring-plan-in-depth/ … [Read more...] about The New Restructuring Plan – In Depth
Navigating through the post-COVID 19 minefield
From cost control and claims handling to compliance and capital management, the COVID-19 outbreak has turned processes and procedures on their head. https://runoffresolve.com/2020/06/01/navigating-post-covid-19-minefield/ … [Read more...] about Navigating through the post-COVID 19 minefield
Take Aways From The NAIC Special Session on COVID-19 (Public Portion)
Locke Lord provides a quick study of the key issues discussed during the recent NAIC Special Session on COVID-19. Read full article here - https://www.lockelord.com/newsandevents/publications/2020/03/take-aways-from-the-naic … [Read more...] about Take Aways From The NAIC Special Session on COVID-19 (Public Portion)
The NCOIL IBT Model Law – Transforming the US Insurance Industry
The NCOIL IBT model law provides an efficient restructuring tool that will allow companies to achieve operational and capital efficiencies to compete more effectively in the global marketplace. U.S. insurers and reinsurers now have an expanded landscape for restructuring options in the United States. On March 8th, 2020 the Executive Committee of the National Council of … [Read more...] about The NCOIL IBT Model Law – Transforming the US Insurance Industry
States Open The Window For Sex Abuse Claims
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 2020 This year has been a busy one for state legislatures, many of which … [Read more...] about States Open The Window For Sex Abuse Claims
Congress Takes First Step to Banking on Cannabis
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
Gotham Insurance Symposium
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 State Department Of Financial Services “Expects” Insurers To “Cooperate Fully” With The Child Victims Act
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
New beginnings: US regulation is generating more flexibility for legacy deals
Written by Luann Petrellis Luann 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
NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes
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
Interview of Thomas Workman
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
A-Ok in OK
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
Brexit: Whats going on?
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?
Legacy Watershed: Capitalizing on the New Legislative Options for Runoff
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
Corporate Governance
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
The Impact of the Tax Reform Act on the Insurance Industry
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
The Legacy Market: Anticipation. Excitement. Commitment. Patience. That Order.
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.
