Insurance is characterized as a business vested or affected with the public interest. Thus, the business of insurance, although primarily a matter of private contract, is nevertheless of such concern to the public as a whole that it is subject to governmental regulation to protect the public’s interests.
Therefore, the fundamental purpose of insurance regulatory law is to protect the public as insurance consumers and policyholders. Functionally, this involves:
Licensing and regulating insurance companies and others involved in the insurance industry;
Monitoring and preserving the financial solvency of insurance companies;
Regulating and standardizing insurance policies and products;
Controlling market conduct and preventing unfair trade practices; and
Regulating other aspects of the insurance industry.
Our Services :
We provide legal services and counseling on a wide variety of administrative, corporate, insurance, transactional and regulatory issues such as the following:
·The formation, acquisition, sale, merger, restructuring, reorganization and dissolution of insurance companies, their affiliates and other businesses in the insurance industry;
·Negotiating, structuring and executing associated transactions, such as the purchase or sale of blocks of insurance business,
·Legal due diligence and compliance services relative to public and private financ Representing insurance industry clients before insurance regulatory(IRDA) and other government agencies with respect to compliance issues, complaint resolution, administrative hearings and other administrative processes;
·Creating, drafting, developing, submitting for regulatory approval, negotiating, revising, supplementing and withdrawing various types of insurance products, policies, contracts, forms, rates, fees, schedules and other regulatory filings, including compliance programs required under state and federal law; and
·Providing general advice and counsel to the officers, directors and management of companies in the insurance industry with respect to issues from day-to-day insurance operations up to board and shareholder/member level matters.