Life and Health Insurance
Life Insurance
Life insurance matters have become global in
nature. Life insurance products, fixed and variable annuities,
viaticals/life settlements, securitization, suitability and
disclosure matters, and worldwide investment schemes require life
insurance companies to manage complex transactions, including
mergers and acquisitions, reinsurance transactions, corporate
reorganizations, regulatory investigations, and litigation of
complex coverage matters, in a variety of jurisdictions with care
and creativity. These matters require an integrated legal
review coordinated over global jurisdictions. SNR Denton has the
experience and breadth of expertise to address these complex
matters facing the life insurance industry.
Health Insurance
The new US Health Care Reform Act will impact
1/6th of the US economy, with worldwide
ramifications.
The practices of certain health insurance
companies such as annual or lifetime limits, rescissions, and
discrimination against individuals with pre-existing conditions are
subject to both immediate and long-term reform under the
Act. The cost, reflected in rising health insurance premiums,
and the quality of care are also subject to immediate reform. The
reforms addressing these issues and practices are effective shortly
after enactment of the Act and are intended to be either permanent
(e.g., prohibition on rescissions) or are temporary programs before
the principal insurance reforms take effect (e.g., high-risk pool
program for individuals with pre-existing conditions).
The Act also attempts to address cost issues
involving health insurance premiums by requiring rebates to
consumers for plan years beginning in 2011 when non-claims costs
exceed a defined percentage. Health insurers will also be
required to publicly report financial data regarding their usage of
premium for coverage of services and administrative costs, and will
be required to provide justification for premium rate
increases. Other provisions extend coverage in the group and
individual markets to certain currently ineligible dependents and
create a reinsurance program to assist employer plans with the cost
of providing benefits to retirees who are 55 and older.
As health insurance companies and other
participants in the US health care industry reorganize and adjust
their financial, regulatory, and market conduct to comply with the
Act and its ramifications, the economic effects will reverberate
throughout the global marketplace. Our health insurance
lawyers will assist you to navigate your company through these
challenges.
The implementation of the Act is also
expected to require major changes to how health insurers do
business. In particular, the Act is likely to result in
(a) some form of rate regulation, (b) an increase in
consumer protection activities through regulatory enforcement and
private litigation, and (c) industry consolidation through
insurer mergers and acquisitions and possibly insurer
insolvencies. SNR Denton has extensive experience in all of
these service areas and is uniquely qualified to serve the health
insurance industry.
Areas of Focus:
- Insurance Bankruptcy/Insolvency
- Insurance Litigation:
- Class Action and Coverage
Defense
- Insurance Due Diligence
- Sales Practices Litigation
- Insurance Regulation:
- Administrative Litigation and
Arbitration
- Captive Insurance Services
- Insurance Enforcement
Intervention
- HMO Insurance Regulation
- Legislative and Administrative
Advocacy
- Market Conduct Exams
- Multi-Jurisdiction Regulatory
Issues
- Insurance Issues in Transactions
and Reorganizations
- Insurance Regulatory Compliance
and Privacy
- Risk Management
- Corporate:
- Mergers and Acquisitions
- Reinsurance Transactions
- Corporate Reorganizations,
including demutualizations, redomestications, and roll-ups