INTERNATIONAL SOLUTIONS – RHODE ISLAND
International Solutions is a licensed TPA in the state of Rhode Island (IS-RI) and can service business transferred to a RI insurance company pursuant to an IBT. This supports one of the goals of the Rhode Island Statute to make Rhode Island an attractive location for insurance companies and generally encourage economic growth. IS-RI’s extensive experience in run-off transactions and our in-depth knowledge of the RI regulations make us the TPA of choice to manage and execute IBT transactions in RI. IS-RI also has an extensive network of lawyers, accountants, actuaries and run-off professionals to provide a significant marketing advantage to expand our TPA services and successfully develop and execute IBT transactions on behalf of our clients.
- IS-RI’s primary objective is to successfully complete acquisitions of legacy liabilities utilizing the IBT process, effectively manage the run-off of the liabilities and, when appropriate, utilize the RI Commutation Plan to commute the legacy liabilities.
- To execute our business strategy, IS-RI will administer run-off portfolios of insurance and reinsurance business, while also providing management, consulting and other services to the insurance and reinsurance industry in effecting run-off and restructuring solutions.
- The principals of IS-RI are recognized as the key promoters of the RI run-off regulations and have worked closely with the RI Department of Insurance in the drafting and approval process of the Amendments to Insurance Regulation 68.
- IS-RI has in-depth knowledge of the regulations and a working relationship with the RI Department of Insurance to facilitate the effective and efficient management of the IBT transaction process as well as the administration of the run-off. Because of our unique relationship with the RI Department we are strategically positioned to execute successful IBT transactions as well as administer the run-off business.
IS-RI is a team of run-off professionals that can handle all operational functions including claim handling, collections, settlements, commutations, claim reserving, and system conversions. IS-RI can also provide other support services such as actuarial and accounting functions working with our business partners.
IS-RI services include assessment of run-off operations, development of run-off strategies, due diligence, claims assessment, claim reserving, expert opinions, recoverable / debt provisioning as well as advise as to statutory, compliance and tax considerations. IS can also recommend knowledgeable legal, tax and other professionals familiar with the Rhode Island Statute and Regulations.