At Odom & Sparks, PLLC, we are at the forefront of the rapidly evolving field of Insurance Business Transfers (IBTs). With unparalleled expertise and hands-on experience, our attorneys have played a pivotal role in shaping and implementing IBT law in the United States. Whether you are transferring or assuming insurance portfolios, we provide strategic guidance to navigate the complexities of this groundbreaking process.

Leaders in the First U.S. IBT Case

Our firm’s legacy in IBT began with history-making work on the first IBT filed and approved in the United States. Attorney John Sparks represented key parties in the case of Providence Washington Insurance Company (Case No. 19-738-IBT, Oklahoma Insurance Department, November 26, 2019), guiding the matter from its initial application to the final judgment and implementation order (CJ-2019-6689, October 15, 2020, Oklahoma County, Oklahoma).

This groundbreaking case demonstrated the viability of Oklahoma’s IBT Act and set a precedent for future transfers, solidifying our firm’s role as trailblazers in this specialized legal arena.

Understanding the Insurance Business Transfer Process

The IBT process enables the transfer and novation of insurance or reinsurance policies from one insurer (the transferring insurer) to another (the assuming insurer). This transfer is completed without requiring individual policyholder consent, provided the plan meets stringent regulatory and judicial standards.

Key elements of the Oklahoma IBT Act include:

• Regulatory Approval: The Oklahoma Insurance Commissioner conducts a detailed review to ensure the transfer safeguards policyholders’ interests.
• Judicial Oversight: The District Court determines whether the IBT Plan materially protects the interests of policyholders and claimants.
• Modeled on UK Law: Oklahoma’s IBT Act was inspired by the United Kingdom’s well-established “Part VII Transfers,” offering a robust framework for seamless policy transfers.

With approval from both the Insurance Commissioner and the District Court, an IBT provides a powerful tool for insurers to streamline portfolios, manage run-off liabilities, and focus on growth opportunities.

Trailblazers in U.S. IBT Legislation

Our involvement in IBT extends beyond representation in landmark cases. In 2018, John Sparks co-authored Oklahoma Senate Bill 826, alongside then-Representative Mulready, establishing the first IBT statute in the United States. This legislation provided a legal foundation for the insurance industry to adopt innovative solutions for portfolio transfers.

Comprehensive Expertise in Insurance and Reinsurance Transfers

At Odom & Sparks, we leverage our deep understanding of insurance law and regulatory frameworks to offer end-to-end counsel on IBTs. Our services include:

• IBT Plan Development: Drafting plans that align with statutory requirements and industry best practices.
• Regulatory Navigation: Guiding clients through Insurance Department reviews and ensuring compliance with all regulatory conditions.
• Litigation Support: Representing clients in District Court proceedings to secure final approval of IBT Plans.
• Cross-Border Transfers: Applying international experience to assist with global portfolio transfers, including reinsurance and run-off transactions.

As a Corporate Partner of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC), we stay connected to industry leaders and trends, enabling us to provide cutting-edge advice tailored to our clients’ needs.

Driving Innovation in the Insurance Industry

The IBT process represents a transformative opportunity for insurers to enhance operational efficiency and manage liabilities. Whether you are a transferring insurer looking to optimize your portfolio or an assuming insurer seeking growth, Odom & Sparks offers unmatched legal and regulatory expertise to achieve your goals.

Partner with the IBT Leaders

With our proven track record, legislative leadership, and in-depth knowledge of insurance law, Odom & Sparks is your trusted partner for Insurance Business Transfers. Contact us today at (405) 701-1863 or online to schedule a confidential consultation. Let us help you navigate this innovative process with confidence and precision.