Insurance Company Solvency
Unlike most companies, insurers are not able to become debtors under the United States Bankruptcy Code. Instead, they are subject to a proceeding under the supervision of the state where the insurer is domiciled. While many of the concepts are similar to bankruptcy, each state has its own insurance code to address how an insolvency or rehabilitation will proceed. Listen to this podcast to learn more about those procedures, as well as the financial solvency tools that states monitor to ensure their insurers are financially stable.
Featuring: Fred Marro, Esq., President, Westmont Associates, Inc.
Joseph DiMemmo, CPA, former Deputy Insurance Commissioner Pennsylvania Insurance Department’s
Office of Corporate and Financial Regulation
Hosted by: Dan Cotter, Attorney, Howard & Howard Attorneys PLLC
Fred Marro, Esq. is the founder and President of Westmont Associates and has over 40 years of broad-based industry experience. This includes executive legal positions with Life and Health and Property and Casualty insurance companies, as well as a strong background in legal and regulatory work. Rounding out this experience have been responsibilities as a commercial underwriter and in excess and surplus lines brokerage. Mr. Marro is also the President and founder of Fredric Marro & Associates, P.C. and continues to serve as the Claims Monitor for the Arrowood Insurance Companies runoff on behalf of the Delaware Insurance Department.
Mr. Marro earned his undergraduate degree from Manhattan College and his law degree from Seton Hall University School of Law. He is a member of the American Bar Association, New Jersey Bar Association, Camden County Bar Association, Washington D.C. Bar Association, the Federation of Regulatory Counsel and the Federation of Insurance and Corporate Counsel. He is also a member of the International Association of Insurance Receivers and an associate member of the Society of Financial Examiners. Mr. Marro currently serves on the Board of Trustees for his alma mater, Manhattan College and is a Board member for The Center for Family Services, a local South Jersey charity.
Joe DiMemmo is the former Deputy Insurance Commissioner for the Pennsylvania Insurance Department’s Office of Corporate and Financial Regulation, where he directed the Department’s solvency monitoring operations for Pennsylvania’s domestic insurance companies. He was responsible for overseeing the financial analysis, examinations and corporate licensing of the approximate 250 insurance companies authorized to operate in Pennsylvania. He held this position from January of 2016 to August of 2020.
Prior to this, Joe held the position of Deputy Insurance Commissioner for the Office of Liquidations, Rehabilitations and Special Funds for 11 years, and also served as the Director of Liquidations and Rehabilitations for 15 years. He was a Commonwealth of Pennsylvania employee for over 40 years.
Joe has a Bachelor of Science Degree with an Accounting major from the Pennsylvania State University and is a Pennsylvania licensed CPA. He has served in many leadership roles throughout his career both inside and outside of government. He frequently gives presentations regarding solvency monitoring and receiverships and has testified as an insurance receiver in trials, hearings and depositions.
Daniel A. Cotter is Attorney and Counselor at Howard & Howard Attorneys PLLC. Dan focuses his practices in a variety of areas of corporate law and litigation, primarily on insurance law, including complex business disputes and counseling, employment law, corporate transactions, corporate governance and compliance, and cybersecurity and privacy law. His clients benefit from his diverse professional experience, which – in addition to his years serving as trusted outside counsel – includes positions as a corporate accountant and an in-house attorney. He spent almost 17 years in-house at insurance organizations, where he focused on insurance, regulatory, technology, IT, compliance and transactional matters. Dan served as President of The Chicago Bar Association for the 2014-2015 bar year and is former Chair of The Young Lawyers Section of The CBA.
Dan was an adjunct professor at The John Marshall Law School, and has taught Insurance Law, Accounting for Lawyers and SCOTUS Judicial Biography. Dan graduated summa cum laude from The John Marshall Law School and received his B.A. in Accounting from Monmouth College, magna cum laude. Dan is a frequent writer and presenter on various substantive topics, including technology and privacy, and in 2019, his book, “The Chief Justices,” was published.