Waters, Paige

Paige D. Waters




Paige Waters' practice in insurance and reinsurance law includes extensive experience handling transactional, regulatory, and insolvency matters on behalf of national and international insurance and reinsurance clients. Paige represents a broad base of clients in the financial services and insurance industries, including life insurers, accident and health insurers, property and casualty insurers, health maintenance organizations, managed care organizations, mortgage and financial guaranty insurers, InsurTech companies, fronting carriers, captive insurers and reinsurers, service contract providers, producers, insurance receivers, banks, private equity and hedge funds.

Paige is co-author of Chapter 96 General Principles and Introductory Matters Concerning Insured Insolvency and Bankruptcy and Chapter 14 Insurance Solvency Regulation, New Appleman on Insurance Law Edition. Prior to entering private practice, she was senior counsel of the Office of the Special Deputy Receiver, representing the Illinois Director of Insurance as the statutory receiver of insolvent insurers. 

Paige has substantial experience in all aspects of insurance and reinsurance transactions, including mergers and acquisitions, corporate formations, structuring and licensing, subordinated and surplus note issuance and loss portfolio transfers. She frequently advises clients on insurance transactional and regulatory matters nationwide, including MAWG multi-state and single state market conduct exams, financial exams, product and program development and implementation, predictive modeling and data analytics in underwriting and rating, InsurTech regulatory issues, corporate governance and related compliance issues. She also has extensive experience in insurer, HMO and reinsurer run offs and receiverships, including director and officer, voidable preference and fraudulent transfer, and other troubled company and insurer insolvency actions.

Paige conducts internal corporate reviews of insurers and receivers and advises clients in connection with fraud, anti-trust and statutory insurance violations. She has assisted and advised international and domestic assuming and ceding insurers in reinsurance transactions, including arbitrations, letter of credit and collateral disputes, assumptions of books of business, pooling arrangements, and commutations. 

Additionally, Paige frequently speaks at insurance industry events, including the National Association of Insurance Commissioners (NAIC), Compliance & Ethics Forum for Life Insurers (CEFLI), American Council of Life Insurers (ACLI), Association of Insurance Compliance Professionals (AICP), Reinsurance Association of America (RAA), Property Casualty Insurers Association of America (PCI), Illinois Association of Health Plans (IAHP), National Conference of Insurance Legislators (NCOIL), Insurance Regulatory Examiners Society (IRES), Association of Insurance and Reinsurance Run Off Companies (AIRROC), Hawksmere Annual Reinsurance Congress, and the International Association of Insurance Receivers (IAIR) Insolvency Workshops. She has chaired IAIR and Mealey's conferences and frequently serves on NAIC, NCOIL, CEFLI, ABA, IAIR and AIRROC committees and working groups. She is a contributing author to New Appleman on Insurance Law Edition, Mealey's, NAIC, IAIR and America Bar Association publications.

Professional Affiliations and Recognitions

  • Member, Association of Life Insurance Counsel
  • American Bar Association, Tort Trial and Insurance Practice Section (TIPS)
    • Member of Insurance Regulation Committee
  • Affiliate Member, Compliance & Ethics Forum for Life Insurers (CEFLI)
  • Named, Chambers USA (Insurance: Transactional & Regulatory), 2005-2020
  • Recognized, Legal 500 Insurance: Non-Contentious, 2011
  • Named, Illinois Super Lawyers, 2009-2012
  • Member, IAIR
    • Education Committee
  • Member, INSOL International
  • Member, AIDA Reinsurance and Insurance Arbitration Society (ARIAS)
  • Former Member, AIRROC Publications and Marketing Committees
  • Former Member, Lex Mundi Insurance and Reinsurance Committee
  • Former Member, NAIC Receiver's Handbook and Model Act Revisions Working Groups
  • Former Member, National Association of Managed Care Regulators
  • Former Member, Interstate Insurance Receivership Commission - Law Advisory Committee