This program, taught by Dan Rabinowitz of Kramer Levin Naftalis & Frankel LLP, will cover the basics of insurance regulatory architecture in the United States and how this structure affects the “life cycle” of insurance carriers, from formation to winding-up or sale. Viewers can expect to come away with a broad understanding of laws and regulatory oversight in these areas.
First, the program will cover the basics of how insurance companies are formed, licensed, and regulated under state law, including the concept of minimum capital and surplus. The course will discuss the legal interplay between state insurance departments and the National Association of Insurance Commissioners, the leading standard-setting body for insurance in the U.S.
The course will also review how the insurer’s financial condition and solvency are regulated (such as statutory accounting and other regulatory tools, including the NAIC’s model audit rule and risk-based capital). Among the related topics to be covered in this area are holding companies and affiliates; the emergence of “group solvency” standards; and reinsurance. The regulation of permitted investments of reserves and surplus will also be addressed.
The program will explore the key legal requirements associated with mergers and other business combinations and acquisitions of control in this sector, which give rise to important regulatory and public-policy considerations. Finally, the course will discuss what happens when an insurer becomes insolvent and the possibilities of liquidation and rehabilitation of an insurance company under state law.
Dan Rabinowitz advises clients in the insurance and reinsurance industry on a comprehensive range of transactional and regulatory matters, including mergers and acquisitions, capital markets, reinsurance, restructurings, securitization and structured finance, reserve financing, reorganizations, insurance-linked securities, capital standards, group solvency, insurance company investments, and corporate governance. From 2011 to 2014, he served as chair of the Insurance Law Committee of the New York City Bar Association. He is currently Vice-Chair of the Regulatory Subcommittee of the Insurance Law Committee of the International Bar Association. Dan received his J.D. from The University of Chicago Law School in 1994 and graduated from Brandeis University with an A.B. magna cum laude in politics and history in 1991.
New York, 1995