ATLANTA, Nov. 5 2004 LAWFUEL – Law, legal, law firm newsRecent probes into the insurance industry mean that virtually every broker and insurer in the nation should be examining important questions about their business practices, legal experts say. Some of the largest brokerage firms and insurers in the country are facing scrutiny
over fee structures and competitive bidding issues. The probes are quickly
widening.
The law firm Morris, Manning & Martin has established a new “Market
Response Group” to help brokers and insurers navigate these difficult legal
waters.
“This is shaping up to be one of the largest challenges the industry has
faced,” says Tom Player, who heads the firm’s Insurance/Reinsurance Group and
will also lead the new Market Response Group.
“These inquiries are raising civil, criminal and regulatory questions for
many brokers and insurers,” adds Player, an expert on insurance regulatory
matters. “It is important for companies to know what legal exposures they
potentially face. Affected companies should prepare for this evolving
litigation environment by immediately conducting a business practices audit.”
“Federal and state regulatory examinations and proposed new laws are bound
to prompt industry-wide changes,” adds Group member Robert H. “Skip” Myers
Jr., a Washington-based expert in property and casualty insurance. “Our team
is in a position to provide seamless advice regarding coordinated responses to
enforcement, litigation and regulatory inquiries,” adds Myers, who has
extensive expertise in regulatory, antitrust and trade association law.
In addition to Player and Myers, members of the new team include:
– Ross Albert, former Senior Special Counsel in the Securities and
Exchange Commission’s Division of Enforcement, and Legal Counsel to
former SEC Commissioner Norman Johnson. Albert handles complex
securities, investment and brokerage enforcement matters.
– Lewis Hassett, who concentrates in complex litigation involving
insurers, brokers, agent duties and the distribution of insurance
products
– Chris Petersen, an expert on life & health insurance, who has
represented clients before state insurance commissioners, Congress and
federal agencies
– Bruce Wynn, who has more than 20 years experience in the area of
employee benefits and executive compensation, and has represented
clients in administrative matters before the IRS and other federal
agencies
The team will guide its clients through potential challenges on a number
of topics including business placements, competitive bidding, variable
compensation, incentive compensation and more.
For more information, the group can be reached at (404) 233-7000
or ( http://www.mmmlaw.com ).
Morris, Manning & Martin, LLP, ( http://www.mmmlaw.com ) enjoys national
prominence for its corporate finance, securities, litigation, technology,
telecommunications, insurance, healthcare, environmental and real estate
practices. Since 1999, the firm has represented clients in 20 IPOs worth more
than $7 billion and in over 125 mergers and acquisitions worth more than
$23 billion. Morris, Manning & Martin has offices in Atlanta, Charlotte and
Washington, D.C.
http://www.mmmlaw.com