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The business of insurance is among the most closely regulated in the country, and Stroock provides a complete nationwide insurance regulatory service. Our team includes a number of attorneys and financial consultants who are former regulatory officials, and our unique combination of skills enables us to assist clients with even the most complex investment, legal and regulatory issues. We bring an in-depth knowledge of both the insurance business and regulatory objectives to achieve practical solutions.
We provide services related to the financial condition of insurers and reinsurers, in all lines of business, ranging from insurer formation and licensing, through mergers, acquisitions of control affiliate and unaffiliated transactions to discontinued operations. Stroock attorneys and professionals are experts in credit for reinsurance; regulatory examinations; troubled company situations; and statutory accounting and financial reporting requirements.
On behalf of its clients, Stroock has been instrumental in the development and enactment or promulgation of numerous state statutes and regulations. Additionally, we actively participate in the work of the National Association of Insurance Commissioners in developing model laws and regulations and white papers, and we serve as counsel to the Society of Financial Examiners and the International Association of Insurance Receivers. Our long-term participation in the regulatory process and our reputation for integrity ensures that our clients’ views will be considered.
Stroock attorneys and financial consultants have been particularly active in advising clients on regulatory aspects of the financial guaranty business. We advise monoline insurers as well as other financial institutions on issues involving single risk clients, legal guarantees and whether or not a particular product is insurance. We work with our clients to structure products in this area to meet their needs, in conjunction with our Derivatives and Structured Finance lawyers. We also act as counsel to the Association of Financial Guaranty Insurers.
We frequently are retained by insurance regulatory authorities, principally for counsel and assistance in connection with regulatory approvals of mergers, acquisitions, demutualizations and other complex financial transactions, and to represent them in connection with their role as rehabilitator or liquidator of the estates of insolvent insurers.
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