The State of Vermont has introduced legislation to enable the transfer of closed books of commercial insurance and reinsurance policies, the first of its kind in the US. The Legacy Insurance Management Act (LIMA), passed by Vermont’s legislature last month and now signed into law, creates a legal and regulatory framework and marketplace for such transfers.
Driving force behind LIMA was Anna Petropoulos, president of Apetrop USA. ‘A European insurer approached me wanting to divest itself of its portfolio of legacy US liabilities. I looked for a solution that benefitted everyone and LIMA was the result,’ says Petropoulos. ‘Then it was just a matter of turning this vision into a reality.’ READ MORE at Run Off & Restructuring