Insurance Regulation & Risk Management
Manage risk. Unlock opportunity.
Frost Brown Todd offers a wide range of insurance and reinsurance services to businesses looking to manage, distribute or monetize risk. Our professionals have a deep understanding of the insurance business, some with decades of experience as in-house counsel at major insurers and others with decades of experience representing insurers and insurance-related businesses throughout the U.S. and around the world. We help clients form, build, and license insurance companies from the ground up, as well as merge with or acquire existing licensed insurers.
Our team works with clients to develop new and innovative insurance and insurance-related products and bring them to market. And our experience extends beyond understanding how insurance is regulated to assisting clients in the successful management of insurance operations, from both a financial and a market-conduct compliance perspective. We help our clients understand where and when they can take risk in order to achieve their goals and objectives.
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We represent insurers, risk-bearing entities, third-party administrators and insurance-related businesses and professionals before state and federal agencies throughout the United States, as well as in several other countries around the world. Our depth and breadth of knowledge allows us to provide thought leadership and insight into new and developing markets. We routinely monitor and assist clients with emerging regulatory initiatives like extended warranty and service contracts, InsurTech and regulatory sandbox environments, Big Data and artificial intelligence (or AI), and privacy, security and cyber-security. Our services include regulatory, financial and market conduct compliance, transactional, merger and acquisition, public policy, rehabilitation and insolvency, sales, advertising, and marketing, media and communications, and administrative and litigation advice and support for public and private companies, large and small.
- Life and health insurers, including HMOs, PPOs, and other managed care organizations
- Property, casualty and general liability insurers
- Extended warranty, service contract providers and manufacturers
- Travel insurance providers and agents
- Captive insurance companies and other alternative self-insurance mechanisms
- Businesses looking to better manage risk or reduce insurance cost
- Surety insurers
- Employee benefit plans, including fully-insured and self-funded programs
- Agents, brokers, insurance producers and agencies for all of the above
Practice Area Contact
William O. Williams II
Practice Group Leader
Licensing and regulatory compliance touch every aspect of an insurance transaction, even when insurance isn’t one of the business’s core services. We have a wealth of knowledge and the experience to help guide you through these regulatory requirements. Our attorneys provide counsel on a regional and national basis to entities with agent or agency licensing and compliance issues, including both traditional insurance entities as well as retailers, manufacturers and credit card companies. We also advise other service providers interested in adding insurance sales capabilities or in connection with insurance program agreements underwritten by licensed entities.
Companies spend thousands of dollars a year to protect themselves through insurance programs that cover the various risks associated with running a business, including general liability, commercial automobile, directors and officers, fidelity and workers’ compensation. Our attorneys are experienced in reviewing and analyzing these insurance programs to assess alternative coverages, deductibles, retention limits and self-insurance options. By identifying the best program options available to the company, we help clients make the most cost-effective and efficient use of their resources with respect to managing risks.
Captives have seen an uptick in popularity among companies looking to leverage greater control over their business risks. Our team possesses an in-depth understanding of the various coverage options, cost reductions and tax benefits associated with alternative risk mechanisms. We draw on this knowledge to creatively and efficiently structure domestic and off-shore captives, risk retention and purchasing groups, as well as various forms of group and self-insurance entities. We help associations, healthcare providers, manufacturers and a host of other businesses manage and insure multiple types of risks while providing additional guidance on formation and regulatory compliance matters.
Managing the regulatory and business aspects of extended warranty programs are as important today as they’ve ever been. Recognizing this, we see to it our clients have recourse to informed, practical advice regarding critical aspects of extended warranty programs, including program structure, contract terms and marketing methods, as well regulatory, licensing, and disclosure requirements. In addition to representing third-party plan providers and administrators, we counsel both emerging businesses and Fortune 500/1000 companies, including product manufacturers, retailers, service providers and platform developers.
When operating in a heightened regulatory environment, maintaining a good working relationship with regulators is a necessity. Our attorneys offer years of experience interfacing with regulators on behalf of clients an in the development of new legislation encouraging innovation in the insurance industry. We provide a wealth of perspective and insight on insurance-related transactions and code compliance matters, including market conduct examinations, compliance audits agency/brokerage acquisitions, provider agreements and joint venture arrangements, as well as insurer insolvency and administrative proceedings, litigation and arbitration.
Our team is comprised of seasoned health care and insurance regulatory attorneys and professionals with hands-on experience, such as team members who served in leadership roles for large-scale health systems, Fortune 500 managed health care companies and insurers prior to joining private practice. On the provider side, we offer traditional health care services, with a focus on innovation in all aspects of the word, from technological advances in information management, pharma, devices and delivery methods to reimbursement and payment models. We represent multi-entity health care delivery systems, rural health systems, managed care organizations, long-term and continuing care facilities, teaching institutions and physician groups. We also counsel practice management companies, home health agencies, outpatient centers, and hospitals, as well as medical technology players who are innovating the way health care is delivered via artificial intelligence, life sciences and devices.
On the payor side, we represent traditional health insurers ranging from HMOs to self-insured programs, as well as those entities involved with all forms of coverage from ACA, excepted benefits, limited benefits, supplemental, Medicaid, Medicare, Medicare Advantage and Part D. We also counsel various entities that provide services necessary for payor operations, including third-party administrators, utilization review agents, pharmacy benefit providers/pharmacy techs, medical necessity guidelines, billing/coding, and related services/systems. Furthermore, members of our team have been true innovators in the insurance compliance space, having developed cutting-edge products and risk-bearing structures to cover emerging technologies and helped clients design new distribution channels and back-end claims processes from scratch.
Though a longstanding and popular product, travel insurance is subject to a host of uniformity and reciprocity issues that can be nebulous to regulators and industry participants alike. Enter clarity. Our attorneys have not only led the way in developing cutting-edge products and distribution compliance systems for the travel and tourism industry. Our deep regulatory knowledge has vaulted us to the forefront of the insurance compliance space. We advise clients across the tourism and hospitality ecosystem on a variety of product compliance-related matters, including market conduct exams and corrective action plans for hybrid ancillary products as well as producer licenses and requirements for limited lines travel insurance.
Our team is committed to understanding our clients’ business challenges and providing them with aggressive representation in contractual and extra-contractual matters. Our litigation support services include:
- Coverage disputes.
- First-party and third-party bad faith claims.
- Large uninsured and underinsured motorist claims.
- Class action lawsuits and alleged mass torts.
- Aggregated consumer claims.
- Fraud claims.
- Environmental and catastrophic property damage claims.
- Wrongful death claims.
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