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ICOLI arrangements must satisfy a variety of technical tax rules to ensure that the policy delivers the favorable treatment U. Moreover, the insurance company buying the policy must not have formal or informal control over investments by the ICOLI writer e. As these products and structures are refined and continue to gain prominence, sponsors will be able to offer a more sophisticated set of options to insurers that are increasingly willing to invest in less liquid assets in exchange for the potentially higher yields sought by core private equity strategies.
If the transaction involves the acquisition of a U. While many state insurance regulators have become more comfortable with private equity buyers in recent years, they still draw heightened scrutiny relative to other financial institution buyers. As part of the state insurance regulator approval process, sponsors will be required to provide information about their controlling persons, as well as share a business plan detailing how the sponsor plans to run the business after closing of the transaction. In connection with the approval, regulators may impose certain conditions on the sponsors, such as a maintaining a minimum RBC ratio at the target company after closing of the transaction potentially including a requirement that some amount of assets be held in trust in order to maintain that minimum RBC ratio or b a restriction on dividends that can be issued by the target company without regulatory approval for a certain period of time after closing of the transaction.
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If the transaction takes the form of reinsurance, whether regulatory approval is required prior to the transaction becoming effective depends on the laws of the domiciliary states of the target company and the acquiring company. If required, the approval process typically takes less time than the approval process in connection with an acquisition of an insurance company, and approval is less likely to have conditions associated with it. One important exception is in the case of a material investment by an insurer into a fund or strategy managed by an affiliated fund sponsor, in which case prior insurance regulatory review will typically be required.
Of course, in all cases such investments need to comply with applicable law, which, for insurance companies, contain both qualitative and quantitative limits on permissible investments.
Skip to content. February 28, Fund Investments Because insurance companies hold large pools of assets in order to fund often long dated future liabilities, they need capital-efficient ways to manage and invest those assets. Fund Investments With the assets that insurers have on hand to invest at an all-time high, sponsors have been hard at work developing scalable products and structures to cater to the regulatory, tax and other requirements of their existing and prospective insurance company clients.
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