We Understand Your Business
Although business operations around the globe are subject to varying degrees of risk, the insurance industry provides the assurances that enable companies to grow and thrive. But the increased regulation is creating changes that will impact both insurers and insureds. For example:
- Spurred by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), states are looking at ways to harmonize insurance laws across state lines. Similarly, the Federal Insurance Office, which was created by the Dodd-Frank Act, may open the door for insurance companies to be domiciled in one state while transacting business in another state.
- The Financial Stability Oversight Council now has the authority to designate nonbank financial companies – including insurance companies – as systemically important and, therefore, subject to Federal Reserve Board supervision. This will add another layer of monitoring and accountability for some insurers.
- The Financial Insurance Office is now authorized to work with the U.S. Trade Representative to negotiate trade issues affecting the U.S. insurance industry, which could reduce nontariff barriers that have made it challenging for U.S. insurance companies to do business abroad.
Is your company positioned to succeed?
We Can Help
As increased regulations and continued changes in the economy impact insurance investment portfolios, industry participants require sophisticated legal counsel to navigate the changing environment and respond to opportunities and challenges. With more than 65 members throughout the firm, Holland & Knight's Insurance Industry Team has the depth and experience to effectively serve insurers – including primary insurers, reinsurance and captive insurers, insurance agents and agencies – and insureds in all of their legal needs, including:
- Corporate Services: We can assist you in conducting all aspects of your business operations, from the purchase and sale of insurance companies and other mergers and acquisitions, to corporate governance and taxation, all while ensuring that your activities are in full compliance with current regulations, including the Dodd-Frank Act.
- Financial Services: As business opportunities increase, so too does the need for capital. Our team can assist you in negotiating, documenting and completing every type of financial transaction and can advise you on financial regulatory reform initiatives. We can also help protect your interests through workouts and restructuring of problem loans.
- Insurance: From the formation and authorization of insurance businesses to insurance coverage disputes and litigation, our team can represent your interests in insurance matters throughout the world. We can assist you with producer and agency licensing; product development and registration, including variable life and annuities; distribution, sales and marketing practices; policy interpretation; formation of captives and reinsurance treaties.
- International: Geographic boundaries no longer define business markets and we can assist you in all aspects of international transactions and foreign regulatory compliance.
- Labor, Employment and Benefits: Human capital may be your company's greatest asset and we can help you protect the interests of both your employees and your company. We can guide your organization through common employment issues such as policies and training as well as issues such as executive compensation, which has taken on added significance due to changing regulations.
- Litigation and Dispute Resolution: Heightened regulations mean increased investigations and enforcement actions for participants in the insurance industry. We can defend your interests in any type of investigation and litigation, including those involving regulatory compliance, breach of fiduciary duty and insurance coverage.
- Public Policy & Regulation: The recent economic turmoil has led to not only increased regulations, but also to stiffened penalties for noncompliance. We can advise you on state regulatory compliance, as well as the impact of the latest legislative and regulatory developments, including the Dodd-Frank Act. We can also assist you with government relations and drafting of legislation that advances your business objectives.
- Real Estate: Most insurance companies require brick and mortar locations to conduct business and our team can help you with the acquisition, development, leasing and sale of the land and facilities required for your operations.
- White Collar Defense and Investigations: With government investigations on the rise, compliance programs aimed at preventing regulatory violations are critical for companies engaged in the insurance industry. Our team can help you develop and implement such programs and we can also defend your organization against allegations of fraud and corruption.
Guidance You Can Trust
The combination of our thorough knowledge, our extensive experience and our sincere commitment to provide responsive service is why clients entrust our Insurance Industry Team to handle their legal needs. These attributes are also the reason why members of our team have been recognized among the top legal professionals in the country by leading publications, including Chambers USA – America's Leading Lawyers for Business guide and The Best Lawyers in America. In addition, Directors & Board Magazine recognized Holland & Knight's Insurance Practice as a leader in Director Liability issues in the United States.
