The insurance industry faces many challenges and economic uncertainties, from increased government regulations and oversight to pressure from new technologies, competitors and market consolidation. BCLP's Transactional and Regulatory Insurance Team provides our clients with thoughtful and creative legal solutions to the current challenges and helps position our clients to take advantage of future opportunities.
BCLP's Transactional and Regulatory Insurance Team draws on experienced lawyers across the firm's offices and practice groups, and has extensive experience with products issued by, transactions involving, and regulations governing the insurance industry.
Members of our team have decades of experience representing insurance industry clients and routinely represent insurance companies (including property and casualty, life and health, surplus lines and specialty lines), reinsurers, insurance agencies and brokerages, managing general agents and third-party administrators, and other business entities in all aspects of their insurance and reinsurance operations, from formation to product development and distribution to regulatory compliance.
Insurance regulatory services include counseling clients on licensing/authorizing insurance businesses, including insurance companies, reinsurers, third-party administrators and producers. We also assist with product creation, licensing and evaluation as well as form filings, rate filings, and financial examination and market conduct examinations. Our attorneys have extensive experience in licensing of producers, third-party administrators and other entities, holding company act filings, investment compliance, corporate governance and insolvencies.
BCLP's corporate and transactional services for the insurance industry include all corporate and regulatory aspects of insurance merger and acquisition transactions. We provide legal counsel regarding the purchase and sale of insurance companies (including shell company acquisitions) and policy portfolios, including related reinsurance transactions. We also represent clients in connection with acquisitions or sales of insurance brokerages and other insurance related service providers. In addition, we advise clients regarding holding company act compliance and corporate governance issues.
Our attorneys have significant experience with all aspects of reinsurance and reinsurance agreements (including financial statement credit and statutory accounting issues, use of cut-through endorsements, and collateral arrangements).
Our services include assisting clients with the design, formation and licensing of captive insurance companies, including pure (single parent), group, agency, cell and association captives, and advising on related regulatory compliance issues. We have been at the forefront with respect to the use of captive insurance companies to provide employee benefits coverages, as well as more traditional coverages.
We have extensive experience with the corporate, regulatory and tax aspects of captives. We assist clients with the creation of optimal capital structures for captives, including the design of financial instruments unique to the insurance industry, and help clients meet their captive's insurance regulatory, financial and investment requirements. Our attorneys have a thorough understanding of the reinsurance arrangements used by captives, including collateralization requirements and financial statement credit for reinsurance obligations.
We also advise and structure risk purchasing groups and risk retention groups for various industries.
Members of our team routinely assist clients with product/contract/policy development and registration (including variable life and annuity products), product filings and other applications with insurance departments. We also assist clients with respect to policy drafting and interpretation, including customized or "manuscript" contracts for special purpose risks.
Working in collaboration with attorneys from our firm's Private Client Group, our team regularly develops estate and succession plans for individuals and businesses by using life insurance products in creative ways to best meet our clients' goals. Our attorneys have extensive experience with all forms of insurance products and planning techniques, including private and employment-related split dollar life insurance funding, private and third party premium financing, insurance funded redemption and cross purchase agreements for business owners, private placement insurance, deferred compensation arrangements informally funded with insurance, executive benefit plans and the formation and use of captive insurance companies. The depth of our collective experience makes our team especially qualified to advise clients on the best and most appropriate use of insurance in their business and estate planning.