Regulatory

Stroock has earned a reputation for thoughtfulness, thoroughness, and integrity through many years of substantive involvement in public and industry affairs. Our group’s members, which include both attorneys and non-lawyer professionals, have extensive professional experience in the insurance regulatory sphere. Individuals have held high-level positions at regulatory agencies and on numerous National Association of Insurance Commissioners groups.  Several have worked as interested parties to NAIC undertakings, including risk-based capital, liability-based restructuring, insurance securitization, mortgage insurance and insolvency issues (including treatment of qualified financial contracts).  We have a long history of providing assistance to industry trade groups and individual insurers and producers, as well as those affected by insurance regulation such as the International Swaps and Derivatives Association and various individual companies. We also serve as general counsel to the Society of Financial Examiners and legal counsel to the International Association of Insurance Receivers. Our deep knowledge of existing and emerging regulation, and our sterling reputation, ensure that our clients’ views are considered seriously by regulators.

Stroock has longstanding experience in guiding insurance company clients through existing regulatory frameworks at both the state and national level to accomplish their business objectives.

Services include:
 
  • insurer formation and licensing;
  • capital and legal investment requirements;
  • corporate governance;
  • statutory accounting and financial
    reporting requirements;
  • regulatory examinations and investigations;
  • mergers, acquisitions, and other corporate changes; and
  • discontinued operations, restructurings,
    and receiverships.
Regulation of Transactions

Stroock helps clients obtain necessary regulatory approvals for acquisitions of control (whether contested or uncontested) or, as needed, obtain determinations that a given investment would not constitute an acquisition of control.

Our practical knowledge of the business and its regulation often proves invaluable to our clients in structuring and implementing complex and important affiliate and third-party transactions. Stroock’s unique combination of professionals helps ensure that transactions achieve their desired accounting and financial reporting treatment.
Stroock has particular experience with enterprise risk management and internal controls. Our attorneys successfully guide clients through regulatory financial condition examinations, particularly where proposed findings threaten a material disruption of the insurer’s business.

Troubled Companies

Stroock works with clients in troubled company situations. This includes receiverships, which our dedicated insurance team strives to help clients avoid. If this is not possible, however, we advise clients on how to prepare for an orderly receivership.

Insurance Markets and Investigations

Stroock has practical knowledge of insurance products and markets as well as of the related licensing and state filing requirements. We advise our clients subject to regulatory investigations and pride ourselves in our ability to develop solutions which are acceptable to state regulators.
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