Insurance Regulatory & Compliance
Regulations continue to increase in number and complexity for insurance industry participants. As a result, the operational, regulatory, and compliance challenges facing each segment of the insurance sector are significant and vary widely. In addition to complying with federal regulations, the industry must also know, understand and comply with each states policies and regulations – the extent of which vary widely from state-to-state. It is here, on the front lines, where you will find Balch & Bingham’s insurance regulatory and compliance lawyers. This is why clients turn to us - our experience in advising on insurance rules and regulations, compliance and legislative advocacy is unmatched.
With over 100 years of insurance industry experience in Alabama, we have a 360 degree view of the insurance industry—including, operations, compliance, products, acquisitions and insolvency. We understand the rules and regulations and how to implement them efficiently and effectively. We can also design the infrastructure, and collaborate with state and federal agencies to help our clients, as well as coordinate and implement necessary changes. We support a full-range of clients including insurers, reinsurers, producers, broker-dealers, brokerage general agencies, private equity firms, and HMOs. We also work across all segments of the insurance industry, from property and casualty to life and health. Our broad experience extends across a spectrum of complementary practices, including tax, corporate, finance and securities, data privacy and security, employment, healthcare, and public policy and government relations.
Our team includes two former in-house counsel at leading insurance companies and the only attorney in the State of Alabama who is a member of the prestigious Federation of Regulatory Counsel. We regularly represent clients before the Alabama Department of Insurance, the Office of Insurance Regulation, the Department of Financial Services, and the Agency for Health Care Administration.
- Regulatory compliance, investigations, and audits
- Insurance company mergers and acquisitions, redomestication, and corporate governance
- State regulatory filings
- Insurance company formations, state licensing and adding lines of authority
- Insurance Holding Company Act: Form A acquisition of control, Orders of Exemption, and other filings
- Registered and unregistered products
- Annuity work
- Guaranty Association representation
- Regulation of intermediaries of insurers
- NAIC monitoring, handling regulatory approvals, and NAIC Solvency Modernization Initiative
- Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) investigations and enforcement actions
- Legislative advocacy, lobbying, drafting, amending, proposing, monitoring and opposing bills, and resolutions relating to insurance laws and regulations
- Distribution agreements and brokerage agreements
- Data privacy, cybersecurity, and ESG sustainability
- Represented VR Insurance Holdings, Inc. in its $41.4 million acquisition of The National Security Group, Inc.
- Serve as outside general counsel for the Alabama Life & Disability Insurance Guaranty Association in insurance insolvency matters.
- Represented a coalition of major life insurance companies on evolving state and federal regulations and other legal developments, including their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.
- Represented the largest asset management company, the largest mutual funds provider, the largest health insurer in Alabama, and dozens of life, health and property & casualty insurance companies.