Lerner, Zachary N.

Zachary N. Lerner


Partner

 

Overview

Zachary Lerner maintains a general corporate practice with an emphasis on insurance and reinsurance regulatory and transactional matters. Zach represents domestic and international insurance companies, insurance agents and brokers, MGAs, reinsurance intermediaries, adjusters and third party administrators, captives, premium finance companies, special purpose vehicles, risk retention and risk purchasing groups and other related entities in connection with their needs, including but not limited to: formation, licensing, regulatory compliance, advertising, surplus lines and filing matters. Zach also works with both insurance and non-insurance entities on an array of transactional matters, including mergers and acquisitions, corporate, departmental and premium tax filings, annual reports and affiliate transactions. Zach has extensive experience working with and alongside insurance departments throughout the United States to help serve the needs of his clients.

Zach is Co-Editor of Locke Lord’s Excess and Surplus Lines Law Manual.

Zach is an avid contributor to Locke Lord’s insurance blog, (including having co-founded the “LL Surplus Lines Series”), and frequently contributes to various media outlets, including Insurance Journal, Law360 and PropertyCasualty360. Zach is a frequent industry speaker, having recently made remarks regarding the distribution of insurance at the International Bar Association’s annual meeting in Seoul, South Korea and has presented on a myriad of surplus lines issues at WSIA Surplus Lines Law Group meetings throughout the United States.

During law school, Zachary was a member of the Georgetown Journal of Legal Ethics and published an article in its Summer 2009 edition.

Representative Experience

  • Zach represents a number of prominent international surplus lines insurers with respect to maintaining their surplus lines eligibility in the United States, including but not limited to the management of their NAIC IID filings, state eligibility lists, acting as agent for service of process and responding to their regulatory inquiries.
  • Zach provides corporate formation and regulatory licensing support for insurance intermediaries (producers, brokers, agents, reinsurance intermediaries, consultants, adjusters and TPAs), including managing renewals of licenses for entities and their respective designated responsible licensed individuals.
  • Zach has acted as primary deal counsel in connection the purchase and sale of numerous insurance companies, insurance agencies, service contract providers and other entities, including but not limited to transactions involving AmTrust Financial Services, QBE America, Inc., Armour Group Holdings Limited, Industrial Alliance Financial Services, Inc., Pronto Insurance, Palladium Equity Partners, Santander Bank, N.A., Sunderland Marine Insurance Company Limited and Evergreen Personal & Commercial Insurance Agency Inc.
  • Zach has served as insurance regulatory counsel in collaboration with numerous global law firms in connection with M&A transactions, including assisting Warburg Pincus with respect to its acquisition of PetPlan (a leading pet health insurance provider in North America), facilitating the purchase of numerous agencies by AssuredPartners, Inc. and the sale thereof, as well as assisting a myriad of private equity firms including facilitating the negotiation of representation and warranty insurance in connection therewith. Zach continues to represent a number of portfolio companies of various private equity funds with respect to their insurance-related matters.
  • Zach provides general regulatory guidance in the admitted and surplus lines spaces to the insurance industry, including the review of insurance policy forms to evaluate regulatory compliance.
  • Zach represents clients before state insurance departments in connection with consent orders, examinations, complaints, targeting inquiries, data calls and investigations.
  • Zach assists in obtaining form and rate filing approvals, name approvals and has assisted in obtaining insurance certificate of authorities for life, health and property and casualty insurance companies, including drafting business plans and other core documentation in connection with “UCAA” primary and expansion applications.
  • Zach has drafted and filed “Form A” change of control filings for a number of prominent insurance company acquisitions in New York and other jurisdictions, and has prepared various other insurance entity change of control applications, including but not limited to Texas agency filings and Florida “specialty insurer” filings.
  • Zach has advised numerous “insurtechs” regarding their formation and compliance issues, including advising on evolving insurance inducement considerations, product “tying”, utilization of “app-based” or “on-demand” insurance distribution models and “dynamic-based” pricing algorithms and structures.
  • Zach consults with clients on group insurance programs, including permissibility of association models, allocation of premium and surplus lines premium taxes, fictitious group laws, sharing of “combined limits”, and the establishment and registrations of risk purchasing groups and risk retention groups.
  • Zach provides guidance on the permissibility of “direct procurement” insurance offerings and has drafted various checklists and manuals to help insurance companies avoid tripping prohibitions against engaging in the transaction of insurance within the United States without proper licensure or eligibility.
  • Zach assists service contract providers with respect to their M&A, licensing and compliance needs.
  • Zach has drafted reinsurance documentation and helped negotiate reinsurance transactions (including assumption reinsurance arrangements, traditional quota share agreements and facultative placements), including the preparation of administrative service agreements and “Regulation 114” reinsurance trust agreements in connection therewith.
  • Zach has advised on recent cybersecurity regulations, including but not limited to New York’s cybersecurity compliance regime.
  • Zach provides guidance and analysis for compliance with the Terrorism Risk Insurance Act, or “TRIA”, including monitoring its various reauthorizations and guidance promulgated by the U.S. Department of the Treasury.
  • Zach consistently monitors developments in the insurance industry (both on the state and federal level) in response to the COVID-19 pandemic.
  • Zach also provides advice to his clients regarding: blockchain technology, captive arrangements, appointments, the Dodd-frank Wall Street Reform and Consumer Protection Act (including the Nonadmitted and Reinsurance Reform Act contained therein), drones/unmanned aircrafts, life and health insurance placements, ILS matters, mobile technologies, privacy, security and “GLBA” matters, telemarketing and “call center” compliance, insurance company and producer fees, marketing and advertising, “DBA” names, premium trust accounts, referral arrangements, commission-sharing and incentive programs, cannabis, and life and viatical settlement transactions.