Insurance Regulatory

Manatt has an extensive insurance regulatory practice that encompasses representation of a broad range of clients in connection with matters relating to all aspects of insurance regulation.

Manatt’s regulatory lawyers have represented many of the most prominent domestic and national insurers with respect to mergers and acquisitions and other corporate reorganizations, insurance department investigations, financial examinations and market conduct matters, product development and approval, regulatory filings, reinsurance, insolvency and liquidation matters as well as other regulatory issues which face insurers and related entities. We have also advised financial institutions in connections with insurance related operations and have counseled clients in connection with regulatory issues arising out of financial problems facing financial guaranty, mortgage guaranty and title insurance insurers.

In addition, we represent and advise a number of life insurer groups in connection with affiliate reinsurance, agent compensation matters and separate account filings for variable products.

Very often, Manatt is called upon to be special regulatory counsel to clients and law firms when such firms lack this special expertise.

Our practice while concentrating on New York matters also has experience with other state insurance departments. This group is headed by a former Deputy Superintendent of Insurance in New York.

Notable Matters:

• We represented the John Hancock insurer group in connection with insurance regulatory issues related to its January 1, 2010 corporate reorganization of its U.S. subsidiary insurers. This was a massive undertaking involving regulators in California, New York, Massachusetts and Michigan and necessitating the transfer of approximately $9 billion in life insurance, annuity and long-term-care business through a series of intercompany reinsurance transactions. We also negotiated a withdrawal plan from the state of New York for John Hancock Life Insurance Company prior to its being merged out of existence.
• We represented Berkshire Hathaway in connection with the formation and licensing of Berkshire Hathaway Assurance Corporation, a financial guaranty insurer, in just 31 days – making regulatory history.
• We represented National Indemnity Company in connection with the purchase of Converium (Insurance) North America Inc. and Converium (Reinsurance) North America Inc. from Converium AG.
• We presented Starr International USA Inc. in connection with the acquisition of Republic Insurance Company from Nation Indemnity Company.
• We represented Affirmative Insurance Holdings Inc. in connection with the acquisition of US Agencies Direct Insurance Company from the holders of US Agencies, LLC.
• We represented Group Health Incorporated in connection with issues relating to its affiliation with HIP.
• We represented the Federal Home Loan Mortgage Corporation (FHLMC) in connection with regulatory matters relating to the rehabilitation of financial guaranty and mortgage guaranty insurers under state insurance laws. We are currently representing FMLMC in a Wisconsin proceeding involving the proposed rehabilitation plan for a segregated account of AMBAC Assurance Corporation, a financial guaranty insurer.
• We represented the Protective Life group in connection with the acquisition of two New York domestic insurers and in connection with regulatory matters involving members of the group.