Primary Office
Insurance and InsurTech
- Representation of ad hoc group of financial markets lawyers in obtaining bankruptcy-equivalent treatment under state law for claims of counterparties to derivatives transacted with insurance companies. Provision embodied in Section 711 of the NAIC Insurer Receivership Model Act (Model Law 555), thereby facilitating insurers’ bona fide hedging transactions in states that have adopted the Model law.
- Representation of European transferee from U.S. transferor of asbestos bodily injury liabilities and related claim servicing. Loss portfolio transfer premium: $1.5 billion was largest at the time.
- Representation of insurance holding company in the largest insurer liquidation at the time, including (with lead-state regulator) multi-state-approved mergers of all pool participants to prevent policyholders’ loss of guaranty fund coverage.
- Representation of insurer member of Interested Parties to NAIC Insurance Securitization Working Group, including assistance in development of what was adopted by the NAIC as its Protected Cell Company Model Act (Model Law 290)
- Debtor’s counsel to financial guaranty insurer in the zone of insolvency and debtor’s co-counsel to its holding company, including advising with respect to and obtaining multi-state regulatory approvals for assumption reinsurance of municipal bond guaranties, and ultimately resulting in so-far successful rehabilitation and run-off of a self-reported $3 billion balance sheet insolvency.
- Representation of state legislators in development of first interstate compact to be enacted relating to the business of insurance (i.e., the Interstate Insurance Receivership Compact), which for the first time solved the problem of Congressional approval under Article 1, Section 10, Clause 3 of the United States Constitution.
- Legal organization of credentialing organizations for (i) insurance regulatory examiners and (ii) insurance receivers. General Counsel of the credentialing organization for insurance financial examiners for 20 years and legal counsel to the credentialing organization for insurance receivers for 15 years.
- Counsel to the founders of an InsurTech start-up domiciled in New York and General Counsel-Insurance of the now publicly-traded holding company. Obtained licenses in 23 additional states.
- Representation of interested party in hearings and development of Rhode Island Insurance Regulation 68 relating to insurance business transfers (Section 230-RICR-20-45-6.4).