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Getting The Deal Through

The regulatory landscape for insurance companies has undergone significant change since the global financial crisis of 2007–2008. In the US, the individual states have begun implementing various regulatory and legislative changes that will continue to fundamentally affect the operations of large international insurance groups. At the US federal level, the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (Dodd-Frank Act) introduced a new era of federal regulation of certain areas of insurance in the US, although the future of many aspects of the Dodd-Frank Act remains uncertain under the Trump administration and the Republican-controlled Congress. The prudential regulation of insurance and reinsurance companies across the EU has undergone significant change under the Solvency II Directive, which came into effect on 1 January 2016 and affects both European and non-European insurance groups with operations in the EU. It remains to be seen how the UK’s exit from the European Union (Brexit) will affect the UK’s insurance industry and regulatory environment. In addition, standards and policy measures under development internationally by the Financial Stability Board (FSB) and the International Association of Insurance Supervisors (IAIS), once finalised and implemented, could have significant implications on the regulatory framework applied to international insurance groups. As the legal environment is likely to continue to be in a state of flux for several years to come, it will be critical for practitioners who provide corporate and transactional advice to stay abreast of the latest developments with respect to the US and international insurance regulatory schemes.

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