Insurance is characterized as a business of such concern to the public as a whole that it is subject to governmental regulation to protect the public’s interests. Therefore, the fundamental purpose of the Insurance Regulatory is to protect the public as insurance consumers and policyholders by licensing and regulating insurance companies and others involved in the insurance industry. This may also involve monitoring and preserving the financial solvency of insurance companies and also regulating the standardization of insurance policies and products.
To support the regulatory regime, we provide legal services, counseling and practical business solutions on a wide variety of administrative, corporate, insurance, transactional and regulatory issues such as the following:
- The formation, acquisition, sale, merger, restructuring, reorganization and dissolution of insurance companies, their affiliates and other businesses in the insurance industry;
- Negotiating, structuring and executing associated transactions, such as the purchase or sale of blocks of insurance business, or providing compliance services;
- Drafting and submitting other required applications and related documentation with respect to the formation, admission, licensing, expansion, and other transactions of insurance affiliates, holding companies and other businesses in the insurance industry;
- Representing insurance industry clients before the National insurance regulator and other government agencies with respect to compliance issues, complaint resolution, administrative hearings and other administrative processes.
- Creating, drafting, developing, submitting for regulatory approval, negotiating, revising, supplementing and withdrawing various types of insurance products, policies, contracts, forms, rates, fees, schedules and other regulatory filings, including compliance programs required under state and federal law; and
- Providing general advice and counsel to the officers, directors and management of the National Insurance Commission with respect to issues from day-to-day insurance operations up to board and shareholder/member level matters