On November 7, 2018 I had the pleasure of speaking in London at the Fall Technical Meeting of the International Alliance of Asbestos & Pollution Reinsurers (IntAP).
The presentation, US Regulatory and Judicial Developments Effecting Legacy Liabilities, covered:
- The 2018 passage, enactment and provisions of the Oklahoma Insurance Business Transfer Act;
- The 2018 amendments to the Rhode Island Statute, “Voluntary Restructuring of Solvent Insurers”, and how those amendments expand the application of the insurance business transfer plan as allowed in Rhode Island;
- A description of 2017 insurance company division law passed in Connecticut and similar corporate division provisions in Arizona and Pennsylvania;
- Attempts at similar division legislation in Georgia and Illinois;
- The Insurance Receivership Model Act; and
- The judicial decisions and arbitration award positioning the Pennsylvania domiciled insolvent insurers, Westmoreland Casualty and Rockwood Insurance, for closure.
The slides supporting the presentation can be accessed here.
I am happy to discuss any questions you may have regarding any of these topics and their impact on your efforts to realize legal and financial finality (and the associated capital release and expense reduction) associated with legacy (re)insurance exposures.
As we approach the US holiday of Thanksgiving, I wish all of you, and your families, a safe, joyous, and celebratory holiday.