Insurance Practice

Nationally recognized for their insurance expertise, Noreen Parrett and Connie O’Connell have been involved in state and national insurance regulation for over 50 years combined. They have provided corporate, transactional and regulatory services to Wisconsin domiciled, foreign and alien insurance companies, reinsurers, and insurance trade associations.

Parrett & O’Connell maintain their knowledge of the industry and its issues through insurance-related activities, including attendance at the NAIC quarterly meetings and participation in insurance trade associations. Their positive reputation is based on their experience and knowledge as well as their prompt service and consistently superior work product. Experience includes:

Formation of Insurance Companies & Subsidiaries

• Formation of insurance companies, complete with all service agreements and reinsurance agreements necessary for them to begin their business with the minimum of delay.
• Formation of non-insurance subsidiary companies for established insurers.
  

Mergers & Acquisitions

• Representation in the sale or acquisition of Wisconsin-domiciled insurers and in insurance company mergers.
• Representation in the merger and acquisition process, the preparation of Form A Statements and the Form A hearing process.
• Negotiation and drafting of purchase agreements, merger agreements, administrative service agreements, and reinsurance agreements.
• Assistance to clients in their due diligence on target companies.
  

Restructuring

• Representation in the first mutual holding company reorganization in Wisconsin.
• Assistance in demutualizations, affiliations, recapitalizations and many other financial transactions.
• Assistance in the sale and acquisition of blocks of business through assistance with assumption reinsurance and loss portfolio transfers.
  

Joint Ventures

• Formation of joint ventures and negotiated joint venture agreements.

Warranty Plans & Service Contracts

• Assistance in determining multi-state regulatory requirements, obtaining appropriate licenses or registrations and developing compliance plans.
• Assistance with the development of warranty forms.

Routine Regulatory Services

• Assistance with holding company act compliance.
• Writing insurance policies and reviewing insurance policies written by clients.
• Reviewing, suggesting and drafting amendments to existing organizational documents.
  
• Reviewing and drafting contracts necessary in the ordinary course of an insurer’s operations, including reinsurance contracts, third-party administration agreements and provider contracts.
  
• Advising on privacy issues affecting insurers, including GLB and HIPAA, and drafting contract provisions to meet privacy law requirements.
  
• Assistance with the forms approval process, including confirming that the language meets the requirements of various states’ laws, negotiating language with insurance departments and shepherding the forms through the approval process.
• Representation of clients in enforcement actions brought by regulators, including unfair trade and unfair claims practices, agent issues, policy forms issues, product suitability issues and other cease and desist orders on various company actions.
• Assistance with obtaining a Certificate of Authority to conduct business in Wisconsin and other states.
• Assistance in gaining approval for transactions within a holding company system and for material transactions.
• Assistance in implementing name changes and other miscellaneous corporate changes requiring filing and approval.

Insurance Guaranty Fund Law

Noreen Parrett has a national reputation in insurance guaranty fund law. She has long acted as outside counsel for the Wisconsin Insurance Security Fund, Wisconsin’s insurance guaranty association. She is also active on the national level with the National Conference of Insurance Guaranty Funds and the National Organization of Life and Health Insurance Guaranty Associations. In addition, she has represented the guaranty associations of other states when they have issues in Wisconsin.

Insurance Trade Associations

In addition to representing insurance companies, Parrett & O’Connell also represents numerous insurance trade associations, including the Wisconsin Insurance Alliance, the Property and Casualty Association of America and the Wisconsin Council of Life Insurers.

We have drafted laws, worked with the Wisconsin Insurance Department on regulations on behalf of segments of the insurance industry, reviewed proposed legislation and regulations, performed the legal research necessary to determine the potential impact of proposed legislation and regulations on various segments of the insurance industry, and provided legislative advocacy. We have also worked with insurance trade associations in preparing testimony and on amicus curiae briefs.