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Thursday, August 23, 2018
OKLAHOMA CITY – An international forum of insurance experts explained a new law that is expected to bring an economic boost to Oklahoma. The Insurance Business Transfer (IBT) Forum was hosted by the Oklahoma Insurance Department (OID) in Tulsa Tuesday.
“Oklahoma’s IBT law is unique to the United States, and I believe that this law will put us on the map as part of the global insurance industry,” Oklahoma Insurance Commissioner John D. Doak said. “We invited industry experts to explain how the law works, discuss the opportunities it can bring to the state, and we’ve already received positive feedback from attendees.”
The IBT law creates a way for insurers to transfer entire blocks of business to Oklahoma based insurance companies. It will go into effect in November.
“I had the privilege of moderating a distinguished panel of industry experts that for many years have successfully used insurance business transfer mechanisms in jurisdictions worldwide,” said Luann Petrills, Managing Director, PricewaterhouseCoopers LLP. “With the recently passed Oklahoma insurance business transfer law, U.S. insurance and reinsurance companies now have a more level playing field to strengthen the position of the U.S. in the global marketplace.”
“It was my pleasure to attend, and be a speaker at, the IBT Forum in Tulsa this week,” said Steve McElhiney, CEO, EWI Re, Inc. “Oklahoma’s new IBT act will be a catalyst for a variety of transactions which will serve to enhance the capital efficiency of the insurance industry. This will be transformative for the region as companies redeploy capital into Oklahoma.”
“We were delighted to be able to support the Insurance Department at the seminar on the new IBT legislation,” said Will Bridger, co-CEO, Compre. “We have been successfully using restructuring mechanisms like this in the U.K. and Europe for many years. As a specialist legacy group, we have significant experience of these transfer mechanisms that genuinely provide robust legal finality for insurers and reinsurers seeking to exit business for whatever reason. We look forward to further developments in Oklahoma and across the U.S. hoping that this IBT law becomes best practice for restructuring of insurance business that is badly needed.”
To see a list of the speakers from the event and their credentials, click here.
Commissioner Doak also announced OID’s commitment to helping companies manage the IBT process. He named OID Deputy Commissioner Buddy Combs the new Deputy Commissioner of Insurance Business Transfers.
“Oklahoma’s new IBT law places us front and center in the global insurance marketplace,” Combs said. “I am proud of the work we did to get this law passed, and I’m thrilled to be able to lead our team as we seek to make Oklahoma the hub for insurance business transfers in the United States.”
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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