Insurance Company Redomestication (Part III)

This is the final installment in our series on insurance company redomestication.  In the first part of this series, we examined some of the reasons why companies may consider redomesticating.  In the second part, we discussed some preliminary steps that companies should take when considering redomestication.  We also provided an overview of the initial stages of the redomestication process.  This final part summarizes the final stages of the redomestication process and discusses some alternatives to redomestication that companies may wish to consider.

The Redomestication Process: New State Requirements

Once acceptable terms of redomestication have been worked out between the company and officials in the new state, the company will generally be required to file the Primary Uniform Continue reading

California’s “Do-Not-Track” Law

Companies operating in California are reminded of a law that went into effect in 2014 requiring website operators to disclose how the website responds to “do-not-track” signals.   The law applies to all website operators collecting personal information from California consumers, including personally Continue reading

Insurance Company Redomestication (Part II)

This is the second installment of our series on insurance company redomestication.  In the first part of this series, we examined some of the reasons why companies may consider redomesticating.  In this part, we discuss some preliminary steps that companies should take when considering redomestication and provide an overview of the first stage of the redomestication process. 

Analysis and Planning

At the outset of the process, a company considering redomestication should clearly define the benefits it expects to achieve by redomesticating.  Following that, the company should conduct an in-depth analysis of the states that appear to offer the greatest potential for achieving those benefits.

Domicile selection analysis should be undertaken primarily by the company’s tax and finance areas with assistance from legal counsel.  The company should also consider using outside professionals who can offer more extensive research and data as well as lend a national perspective.  It is generally Continue reading

OFAC Compliance for Insurers

What is OFAC?

“OFAC” stands for the Office of Foreign Assets Control.  It is an office of the Department of Treasury established in 1950.  OFAC enforces federal economic sanctions against terrorists, terrorist organizations, criminals, and organized crime.  OFAC prohibits any person or business from providing services to, or engaging in a transaction involving, a person or organization subject to federal economic sanctions.  OFAC also administers various economic sanctions Continue reading

Preparing for a Data Security Breach

computer hackerAs last year’s cyber attack on Anthem and other recent large-scale hacking incidents illustrate, few events can put your company’s entire reputation on the line more readily than a data security breach.  A company’s first line of defense, of course, is to ensure that its data security measures are as strong and as up-to-date as possible.  Insurers must be proactive in this regard.  It is imperative that Continue reading