Source: https://legacy.pli.edu/Content/Treatise/Insurance_and_Investment_Management_M_A_Deskbook/_/N-4lZ1z0zkyh?Ns=sort_date%7C1&ID=250283
Timestamp: 2019-05-19 14:39:11
Document Index: 172164712

Matched Legal Cases: ['§ 1', '§ 1', '§ 1', '§ 1', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 6', '§ 6', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 7', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 10', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', 'art 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11']

§ 1:2 : Preliminary Considerations1-3
§ 1:2.1 : Speed Is Less of a Factor with Insurance Targets1-3
[B] : Single-Step Merger in the Insurance Industry1-7
[C] : Scheme of Arrangement1-14
[A] : SEC Requirements—Stock As Consideration1-16
[B] : Other SEC Considerations1-18
§ 1:4.1 : Antitrust/Merger Control Approval1-19
§ 1:5.1 : General: Deal Protection and the Duties of the Board1-22
[B] : Forcing a Stockholder Vote1-26
[E] : Stock Options1-29
[A] : Insurance Regulatory Impediments to an Acquisition1-35
[C][1] : Structural Defenses1-38
[C][3] : Board Duties in Considering a Takeover Bid1-40
[C][3][a] : Business Judgment Rule1-40
[C][5] : Entering into a Transaction with a White Knight1-42
[C] : Restrictions on Frustrating Action1-45
§ 2:3.1 : Closing/Post-Closing Adjustments to Purchase Price and Related Covenants2-9
§ 2:3.2 : Key Representations and Warranties2-10
§ 2:3.4 : Conduct of Business Covenants2-18
§ 2:3.5 : Financial Assistance Issues2-18
[B] : Investment Portfolios2-24
[C] : Existence of Guaranteed Benefits2-25
§ 2:4.2 : Reinsurance2-26
[A] : Intra-Group2-26
[C] : Reserve Financings2-27
[D] : Finite Risk Reinsurance2-28
§ 2:4.3 : Reach of Target’s Business2-30
[B] : Where Else Is the Target and/or Its Subsidiaries Licensed?2-31
[C] : Where Has the Target Carried Out Insurance Business?2-32
§ 2:4.4 : Sales Practices and Compliance with Law/Regulation2-32
[A] : Contingent Commission Agreements2-33
[B] : Discriminatory Underwriting2-35
[C] : Slavery Reparations2-37
[D] : Retained Asset Accounts (U.S. Life Insurers)2-38
[E] : Escheat Laws (U.S. Life Insurers)2-38
[F] : Vanishing Premium Litigation2-39
[G] : Licensing Issues2-40
[H] : Plan of Operations Enforcement2-40
[I] : Force-Placed Insurance2-41
[J] : Data Privacy/Data Security2-41
[K] : DOL Fiduciary Rule and Subsequent Developments2-44
§ 2:4.5 : Relationship with Regulators2-45
[A] : Market Conduct Examinations/Inspection Visits2-45
[B] : Complaints and Litigation2-46
[C] : Disciplinary Proceedings2-46
[D] : Commitments, Undertakings and Requirements2-46
§ 2:4.6 : Money Laundering Requirements2-47
[A] : United States2-47
[B] : United Kingdom2-48
§ 2:4.7 : Blocking and Economic Sanction Requirements2-48
§ 2:4.8 : Anti-Bribery Rules2-51
§ 2:4.9 : Unusual or Onerous Features in Policy Terms and Conditions2-51
§ 2:4.10 : Bad Faith Payment Claims2-52
§ 2:4.11 : State Guaranty Fund Exposure2-52
§ 2:4.12 : Parental Guarantees2-53
§ 2:5 : Conclusion2-53
§ 3:3.1 : Inuring Reinsurance3-11
§ 3:4.1 : Seller Considerations3-13
[C] : Recapture3-14
§ 3:5.2 : Insolvency Clause3-18
§ 3:7 : Administration3-19
§ 3:7.1 : Administrative Services Agreements3-19
§ 3:7.2 : Third-Party Administrator Licensing3-19
§ 3:7.3 : Material Outsourcing3-20
§ 3:8 : Insurance Regulatory Approval and Notice Requirements for Acquisitions of Blocks of Insurance Business3-21
§ 3:8.1 : Regulatory Framework for U.S. Blocks of Business3-21
[A] : Bulk Reinsurance Approvals3-21
[D] : Withdrawal Statutes; Cancellation/Nonrenewal Laws3-22
§ 3:8.3 : Regulatory Framework for Portfolio Transfers in Hong Kong3-24
[B] : Alternative Asset Manager Investments in Insurance Companies4-8
[D] : Sidecars and Other Start-Ups4-9
[E] : Financial Sponsors As Sources of Capital4-10
[G] : Private Equity Investments in the Insurance Services Sector4-11
§ 4:4.2 : Traditional Leveraged Buyout Model4-14
§ 4:4.3 : Structuring Acquisition Finance in Insurance Sector Transactions in the United States4-14
[B] : Restrictions on Debt Placed Directly on the Insurance Company4-15
[C] : Restrictions on Holding Company Debt4-15
[D] : Insurance Company Dividend Restrictions4-16
[E] : Tax Sharing Agreements4-17
[G] : Reserve Financing4-18
[H] : Reinsurance4-18
§ 4:5 : Financial Sponsors As Buyers and Sellers: Purchase Agreement Issues4-19
§ 4:5.1 : Buy Side Issues4-19
§ 4:5.2 : Sell Side Issues and Exit Strategies4-21
§ 4:6 : Management Arrangements in Financial Sponsor Transactions4-22
§ 4:6.1 : Management Participation4-22
§ 4:6.4 : Drag-Along, Tag-Along and Participation Rights4-25
§ 4:6.5 : Insurance Regulatory Constraints4-25
§ 4:6.6 : European Issues4-26
§ 4:7 : Regulatory Approvals for Change of Control Transactions4-28
§ 4:7.1 : U.S. Deals4-28
§ 4:7.2 : European Deals4-29
§ 4:8 : Regulatory Landscape Regarding the Role of Private Equity and Financial Sponsors in the Insurance Industry4-31
§ 4:8.1 : Statements of Concern and Regulatory Reform4-31
§ 4:8.2 : Discussions at the NAIC and Regulatory Reform4-33
§ 4:8.3 : Manifestations of Concerns within the Regulatory Approval Process4-34
§ 4:9 : Conclusion4-36
§ 5:3.4 : U.S. Insurer Investment Laws5-15
§ 5:4.3 : Regulation of Affiliate Transactions5-17
§ 5:4.7 : Other Licensed Insurance Entities5-20
§ 5:5 : Insurance Regulatory Approval of Acquisition of Control of a U.K. Insurer5-21
§ 5:5.1 : The U.K.’s Regulatory Architecture5-21
[A] : What Is Control?5-22
[C] : Form and Content of the Application for Insurance Regulatory Approval5-27
§ 5:5.2 : Collaboration with Supervisory Authorities in Other Member States5-30
§ 5:6 : Other U.K. Regulatory Issues Which May Arise on a Stock Purchase5-31
§ 5:6.1 : Senior Managers and Certification Regime5-31
§ 5:7 : Insurance Regulatory Approval of Acquisition of Control of a Hong Kong Insurer5-34
§ 5:8.2 : Securities & Futures Commission (SFC)5-36
§ 5:8.3 : Code on Takeovers and Mergers5-37
§ 5:8.4 : Run-Off Arrangements As “Material Outsourcing”5-37
§ 6:2 : U.S. Merger Control6-2
[B] : Time Limits for Decisions6-16
§ 6:3.3 : Substantive Appraisal of Concentrations by the Commission6-17
[A] : The Test Applied6-17
[D] : The Relevant Geographic Market6-21
§ 7:2 : U.K. Tax Structuring Considerations7-3
§ 7:2.1 : Immediate Tax Costs of Acquisition7-3
[A] : Stamp Duty/Stamp Duty Reserve Tax7-3
[B] : Degrouping Charges7-4
§ 7:2.2 : Tax Considerations for Target Shareholders7-5
[A] : Considerations for Individual Target Shareholders7-5
§ 7:2.3 : Acquisition Debt7-8
§ 7:2.4 : Improving the Effective Tax Rate7-9
§ 7:3 : U.S. Tax Structuring Considerations7-10
§ 7:3.1 : Asset Acquisitions—Reinsurance Transactions7-10
§ 7:3.2 : Stock Acquisitions—Tax Character of the Target—Life v. Non-Life7-13
§ 7:3.3 : Importance of the Distinction—Life/Non-Life Consolidation7-14
[A] : Inability to Offset Income and Deductions7-15
[B] : Use of Net Operating Losses of Newly Acquired Companies7-19
§ 7:3.4 : Stock Acquisitions—The Unified Loss Rule7-22
§ 7:3.5 : Stock Acquisitions Treated As Asset Acquisitions7-24
[B] : General Requirements for Section 336(e) Election7-25
[C] : Consequences of a Section 338(h)(10) Election or Section 336(e) Election7-26
[D] : Issues in Insurance Company Section 338(h)(10) or Section 336(e) Transactions7-27
§ 7:3.6 : Special Rules—Section 338(h)(10) Elections or Section 336(e) Elections for Non-Consolidated Subsidiaries7-31
§ 7:4 : The Due Diligence Process—Special U.S. Concerns7-32
§ 7:4.1 : Life Insurance Product Qualification Issues7-33
[A] : Section 7702—Qualification of Products As Life Insurance7-34
[B] : Section 7702A—Modified Endowment Contracts7-36
[C] : Section 817—Qualification of Separate Accounts and Variable Products7-38
§ 7:4.2 : Qualification of Annuities7-41
§ 7:4.3 : Product Systems7-42
§ 7:4.4 : Remediation7-42
§ 7:5 : International Transactions: Selected TCJA Considerations7-42
§ 8:6 : National Banks8-22
§ 8:6.1 : Insurance Activities of National Banks Under the Gramm-Leach-Bliley Act8-22
§ 8:8.2 : QFBO Rule8-31
§ 8:9 : Functional Regulation8-33
§ 8:9.1 : Regulation of BHCs, FHCs and Other Depository Institutions8-33
§ 8:9.3 : The Federal Insurance Office8-34
[C] : Joint Venture or Majority Investment9-10
[E] : Hostile Acquisitions9-11
[E] : Termination9-18
§ 9:2.5 : Other Transaction Agreements9-18
[A] : Confidentiality Agreement9-18
[C] : Financing Commitments9-20
[D] : Limitation on Interest Deduction9-20
§ 9:2.7 : International Issues: The U.K.9-20
[A] : FSMA Change of Control9-20
[B] : Contents of Filing9-21
[C] : Timing of Filing9-22
[D] : Additional Notification Obligations9-22
[E] : Prohibition on “Asset Stripping”9-23
§ 9:3 : Investment Company Act, Investment Advisers Act, and Other Regulatory Issues9-23
§ 9:3.1 : Client Consents9-23
[A] : Registered Fund Clients9-24
[B] : Non-Fund Clients9-26
[C] : Private Fund Clients9-27
§ 9:3.2 : Broker-Dealer Regulatory Approvals9-27
§ 9:3.3 : Underwriting Arrangements9-27
§ 9:3.4 : Profits from the Sale of an Investment Company Adviser9-28
§ 9:3.5 : Dealing with Fund Directors9-29
§ 9:3.6 : Acquisitions by Broker-Dealers9-32
§ 9:3.7 : The DOL Fiduciary Rule9-33
§ 9:3.8 : Other Regulatory Matters9-34
§ 9:4 : Special Tax Planning Issues9-36
§ 9:4.1 : Tax Cuts and Jobs Act9-36
§ 9:4.2 : Entity Classification and Form of the Transaction9-37
§ 9:4.3 : Competing Goals of the Acquiror and the Selling Shareholders of the Adviser9-39
§ 9:4.4 : Asset Allocations9-39
§ 9:4.5 : U.S. Holding Company for Foreign Purchaser9-40
§ 9:4.6 : FIRPTA and ECI Withholding9-40
§ 9:4.7 : Allocation of Adviser Taxes9-41
§ 9:5 : Regulatory Due Diligence9-41
[B] : Syndicates10-5
[C] : Members of Lloyd’s10-6
[F] : Lloyd’s Brokers10-9
[G] : Lloyd’s Agents and Coverholders10-9
§ 10:3 : Routes into Lloyd’s10-11
§ 10:4 : Transaction Issues10-12
§ 10:4.1 : Acquisition Landscape10-12
§ 10:4.2 : Due Diligence10-12
§ 10:4.4 : Transaction Structures10-16
[A] : Buying Share Capital10-16
[B] : Buying the Business and Assets10-17
[C] : Goodwill and Non-Compete Covenants10-18
[D] : Providing Underwriting Capital10-19
[E] : What If the Target Lloyd’s Entity Is Listed on the London Stock Exchange?10-20
§ 10:5 : Specific Representations and Warranties10-21
§ 10:5.1 : Syndicate Accounts and Agency Accounts10-21
§ 10:5.2 : Agency Agreements: Agency and Fiduciary Duties10-22
§ 10:5.3 : Lloyd’s Bylaws and Codes of Conduct10-23
§ 10:5.4 : PRA/FCA Regulations10-24
§ 10:5.5 : Employees10-25
§ 10:5.6 : Custody of Funds10-26
§ 11:1.3 : Acquisitions by Mutual Holding Companies and Their Subsidiaries11-4
§ 11:2 : Changes in the U.S. Industry11-5
§ 11:2.1 : Most Large Mutual Life Insurers Have Merged or Reorganized11-5
§ 11:2.2 : Need for Capital and Consolidation Drive These Transactions11-5
§ 11:2.3 : Legislation Offers Mutual Insurers Several Forms of Reorganization11-6
Chart 11-1 : Mutual Life Insurer Policyholder Rights Before Any Reorganization and After a Mutual Holding Company Reorganization or a Demutualization11-7
§ 11:4 : Demutualization of Life Insurers11-9
§ 11:4.1 : Mandatory IPO11-9
§ 11:4.2 : Sponsored Demutualization11-10
§ 11:4.3 : Closed Block11-11
§ 11:4.4 : Actuarial Calculation of “Equity Shares”11-12
§ 11:4.5 : Distribution of Consideration11-13
§ 11:4.6 : Dealing with Small Allocations of Shares11-13
§ 11:4.7 : Subscription Rights Demutualization11-15
§ 11:5 : Forming a Mutual Holding Company11-16
§ 11:5.1 : Mutual Holding Company Laws Utilized Since 199511-16
§ 11:5.2 : The Mutual Holding Company Structure11-18
Diagram 11-1 : Mutual Holding Company11-18
§ 11:5.3 : Major Elements of Reorganization As an MHC11-18
§ 11:6 : Mergers of Mutual Life Insurers11-20
§ 11:6.1 : Dividend Principles11-20
§ 11:6.2 : Structural Options11-21
§ 11:6.3 : Social Issues11-21
§ 11:6.4 : Federal Securities Law Issues11-22
§ 11:6.5 : Federal Income Tax Considerations11-22
§ 11:6.6 : Antitrust11-23
§ 11:6.7 : Department of Labor/ERISA11-23
§ 11:6.8 : Third-Party Consents11-23
§ 11:6.9 : Other Insurance Regulatory Filings and Approvals11-23
§ 11:6.10 : Building the Record for the Board of Directors: Opinions of Advisors11-24