The Practice of Insurance Regulatory Law, Part I: In General

Generally, an insurance regulatory attorney provides legal services and practical business solutions on a wide variety of administrative, insurance transactional and regulatory issues.
As previously discussed, insurance regulatory law can be defined as the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance.

However, the practice of insurance regulatory law, in terms of what services and representation an insurance regulatory lawyer provides, is much broader. An attorney practicing insurance regulatory law must know more than just insurance regulatory law, he or she must also understand and be able to apply administrative law, general business and corporate law, contract law, trends and jurisprudence in insurance litigation, legislative developments and a variety of other topics and areas of law.

An attorney practicing insurance regulatory law must be able to provide his or her clients with practical solutions to insurance regulatory issues that will not hamstring their businesses.
Additionally, an insurance regulatory lawyer must be able to give practical advice to his or her clients. The attorney must not only know the law, he or she must also be able to take his or her knowledge of the law and the legal requirements of insurance regulation, and provide his or her clients with solutions to regulatory issues that will not hamstring their businesses.

It is not enough to merely say, “Under the law, you can’t do X.” To provide truly valuable counsel, the insurance regulatory attorney must also be able to say, “But you can do Y, and you can also accomplish the majority of the business purposes of doing X by doing Z, which is not prohibited by the law.”

Generally, an insurance regulatory attorney provides legal advice and representation on a wide variety of administrative, insurance, litigation, transactional and regulatory issues to:
  • Stock and mutual insurance companies;
  • Reinsurance companies and intermediaries;
  • Health maintenance organizations;
  • Managing general agents, third-party administrators and other service companies;
  • Agents, producers, brokers and claims adjusters;
  • Self-insured funds, self-insured businesses and other self-insured entities;
  • Premium financing companies;
  • Insurance consultants;
  • Businesses and entities in the healthcare industry;
  • Employers and businesses, generally; and
  • Other individuals, businesses and entities in the insurance industry.

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