Insurance Regulatory

Overview

The insurance industry operates within one of the most complex regulatory frameworks in the global financial system. Insurers, reinsurers, and insurance‑adjacent businesses must navigate licensing requirements, compliance obligations, and regulatory oversight that vary by jurisdiction and evolve in response to market, technological, and risk developments.

Our Focus

We work alongside insurers, reinsurers, and related market participants to address the regulatory considerations that arise across the insurance lifecycle—from market entry and product development to ongoing compliance, restructuring, and insolvency. Our approach emphasizes practical guidance grounded in regulatory frameworks, enforcement realities, and operational constraints.

At each stage, we help clients assess regulatory risk, engage with insurance regulators, and structure their activities in a manner that accounts for jurisdictional variation, cross‑border considerations, and governance obligations.

Focus Areas

• Licensing and Market Entry
• International Insurance Regulation
• Compliance and Corporate Governance
• Insurance Policy Drafting
• Restructurings, Insolvency, and Receiverships
• Captive Insurance Programs
• Excess and Surplus Lines
• Antitrust, Competition, and Industry Standards
• InsurTech, Emerging Risks, and Product Innovation

What Do We Do

• Advise on activities that may constitute “transacting insurance,” including the availability of licensing exemptions and exceptions
• Assist with the licensing of insurance companies, agents, brokers, managing general agents, adjusters, and reinsurance intermediaries
• Counsel non‑US insurers and reinsurers on providing coverage in US jurisdictions where they are not admitted
• Advise US and non‑US insurers and reinsurers on regulatory requirements for cross‑border market entry and ongoing compliance
• Conduct multi‑jurisdictional regulatory surveys and coordinate with local counsel on cross‑border regulatory matters
• Advise on holding company regulation, risk‑based capital, insurer investments, and regulatory reporting obligations
• Counsel boards and senior management on corporate governance, compliance oversight, and reputational risk considerations
• Draft and review insurance and reinsurance policy forms, endorsements, and program structures across multiple lines of business
• Represent clients in insurance insolvency proceedings, including receivership, conservation, rehabilitation, and liquidation
• Advise on captive insurance structures, domicile selection, fronting arrangements, and reinsurance programs
• Counsel on excess and surplus lines eligibility, non‑admitted insurance frameworks, and related regulatory requirements
• Advise industry groups on standards development and compliance with US antitrust laws
• Counsel insurtech companies and insurers on regulatory, licensing, compliance, and data privacy issues associated with emerging business models

Who Do We Help

• US and non‑US insurance companies
• Reinsurance companies and intermediaries
• Insurance agents, brokers, and managing general agents
• Captive insurance companies and sponsors
• Insurtech startups and technology companies
• Industry associations and standard‑setting organizations

How Can We Help

Clients typically seek regulatory guidance when entering new markets, launching or revising insurance products, responding to regulatory change, addressing compliance gaps, engaging with regulators, restructuring corporate or insurance operations, or adapting business models to emerging risks and technologies.

Our Experience

Our lawyers have advised insurance market participants for decades on regulatory matters across domestic and international jurisdictions. This work spans licensing, compliance, governance, insolvency, captive insurance, and emerging insurance technologies, including matters involving multi‑jurisdictional regulatory coordination.

Representative matters include:

• Advising insurers and reinsurers on US and international market entry strategies and regulatory compliance
• Drafting and modernizing insurance and reinsurance policy language across multiple lines of business
• Representing clients in insurance insolvency and receivership proceedings
• Advising on the formation and operation of onshore and offshore captive insurance programs
• Counseling insurtech companies on regulatory and compliance considerations related to digital distribution and emerging risk models

Frequently Asked Questions

What activities trigger insurance licensing requirements?
Whether an activity constitutes “transacting insurance” depends on the specific facts and the laws of each jurisdiction. Licensing requirements and potential statutory or regulatory exceptions vary by state and may apply differently to insurers, intermediaries, and insurance‑adjacent businesses.

How do non‑US insurers provide coverage in the United States without violating state laws?
Non‑US insurers and reinsurers must carefully structure how coverage is offered in US jurisdictions where they are not admitted. This typically involves analyzing state insurance laws, surplus lines frameworks, and other regulatory requirements to avoid unauthorized insurance activity.

What regulatory issues should insurers consider when expanding into new markets?
Market entry often raises licensing, compliance, corporate governance, and product‑approval considerations. Cross‑border expansion may also require coordination across multiple jurisdictions, including ongoing compliance obligations and engagement with local regulators.

How do regulatory requirements affect insurance product development and policy language?
Insurance policy forms and endorsements must comply with applicable regulatory standards, which can differ by jurisdiction and line of business. Regulatory considerations often influence policy structure, required provisions, cancellation and non‑renewal terms, and emerging issues such as cyber risk, climate exposure, and technology‑driven underwriting.