Overview

Bayard Insurance Law attorneys:

  • have a long history of providing legal services to the insurance industry, insurance companies and the regulators responsible for their supervision, both as legal counsel and as business advisors.
  • routinely advise both the Delaware Department of Insurance and companies it regulates on insurance regulatory matters.
  • serve as Delaware Department of Insurance hearing officers or as counsel to the hearing officers.
  • provide legal counsel, regarding licensing and changes in ownership or control, to traditional insurance and captive insurance companies.
  • represent insurance companies in bankruptcy cases, insolvency proceedings, including insurance company rehabilitations and liquidations, and in complex litigation cases and corporate matters.
  • have represented the Insurance Commissioner, as a receiver, in multiple insurance insolvency proceedings in the Chancery Court of the State of Delaware and the Delaware Department of Insurance.

Bayard’s involvement in Delaware insurance law is neither new nor academic.  One current and three former Bayard attorneys have served in posts within the Delaware Department of Insurance; one as Insurance Commissioner and three as Deputy Insurance Commissioners.

Insurance Regulatory

Insurers, reinsurers and regulators alike benefit from Bayard’s in-depth knowledge of Delaware statutes relating to insurance regulation and Delaware laws governing the formation and management of Delaware entities.

Bayard attorneys have extensive experience representing insurance companies and brokers on regulatory matters including, but not limited to, those involving:

Rate increase filings

Policy non-renewals

Agent terminations

Broker violations and suspensions

Proceedings by the Delaware Insurance Department alleging statutory and regulatory violations, including unfair practices in the insurance business

Insurance Mergers & Changes of Control

Bayard attorneys have acted as hearing officers, appointed by the Insurance Commissioner of the State of Delaware, and/or as legal counsel to hearing officers for several high-profile insurance matters.

Notable matters include:

Affiliation of Highmark with BCBSD

Indirect acquisition of control of Highmark BCBSD Inc. by UPE

Request for disclaimer by Omega US Insurance, Inc. seeking formal determination that Invesco Asset Management Limited and Invesco Ltd. do not control Omega US Insurance, Inc. or Omega Insurance Holdings Limited

Merger of Chartis Select Insurance with and into Lexington Insurance Company

Acquisition of control of Omega US Insurance, Inc. by Adam Barron and Visby Limited, in connection with the proposed amalgamation of Canopius Holdings Limited

Acquisition of control of American Life Insurance Company and Delaware American Life Insurance Company by MetLife, Inc.

Insurance Rehabilitations & Liquidations

Chapter 59 of Title 18 of the Delaware Code authorizes the Insurance Commissioner of the State of Delaware to apply to the Court of Chancery of the State of Delaware for an order directing the Commissioner to rehabilitate or liquidate a Delaware-domiciled insurance company.

In insolvency situations, Bayard’s representations include:

The Receiver, in the Consumer United Insurance Company Liquidation

Managing General Agent, in the rehabilitation and subsequent liquidation of IICRRG

Bank, in the rehabilitation and subsequent liquidation of IICRRG

Multiple fronting insurers, in the rehabilitation and subsequent liquidation of Ullico Casualty Company

Insurers in the rehabilitation and subsequent liquidation of Freestone Insurance Company

Certain directors in the liquidation of United Contractors Insurance Company, Inc., RRG

Captive Insurance

In the captive insurance field, Bayard provides comprehensive legal services, combining the skills and experience of its insurance, transaction and tax attorneys with those of the client’s other advisors. Bayard is a founding member of the Delaware Captive Insurance Association (“DCIA”) and Bayard’s attorneys serve on the DCIA board of directors.

Our Team

GianClaudio Finizio

Director

Neil B. Glassman

Director

Marla H. Norton

Director
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