Alice T. Kane practices in the area of insurance law and has extensive experience in both the legal and business aspects of the insurance industry. Ms. Kane counsels insurers and other participants in the insurance sector on a wide range of regulatory and transactional matters. Ms. Kane advises property and casualty, life and health insurance clients.
Ms. Kane has served as the Group General Counsel at two Fortune 100 insurers, Zurich Insurance Group and New York Life Insurance Company. In both roles she led in-house and outside counsel teams in connection with domestic and multinational M&A transactions, settled major government and insurance department investigations, spearheaded the successful resolution of SEC enforcement actions and managed other regulatory and governance matters.
Ms. Kane has extensive experience assisting clients with governance, licensing, financial and market conduct examination and Insurance Holding Company Act matters. Ms. Kane lead the internal and external legal teams defending insurance industry investigations and regulatory enforcement actions in a variety of matters, including broker compensation practices, finite risk reinsurance, rating practices and insurance sales and marketing practices. Ms. Kane regularly attends meetings of the International Association of Insurance Supervisors, the National Association of Insurance Commissioners and various insurance industry trade associations and actively monitors emerging issues in U.S. domestic and international regulation of insurance. Most recently, she has focused on U.S. healthcare reform, representing clients before the Center for Consumer Information and Insurance Oversight, the federal division of the Department of Health and Human Services charged with nationwide implementation of the Affordable Care Act.
Ms. Kane's business experience extends to asset management with regard to both institutional and retail organizations. As Executive Vice President in charge of Asset Management for New York Life, and as President of the Mutual Fund Business for American General's Variable Life and Annuity Division, Ms. Kane was responsible for the day-to-day operations of asset management divisions of nationally recognized insurers. She also grew and transformed the Mainstay mutual funds business for New York Life. Ms. Kane also founded a woman- and minority-owned institutional asset management business, Blaylock Asset Management.
Ms. Kane is a graduate of New York University School of Law, Manhattanville College, and attended the Harvard Business School Executive Program.
- Led the bid-rigging and finite reinsurance regulatory investigations, class actions and settlements—the three state—Spitzer $153 million regulatory settlement and the $171 million multistate AG, DOI and class action settlement led by Texas, California, Illinois and Pennsylvania.
- Served as catalyst of the New York Insurance Department industry meeting, which led to the settlement of the World Trade Center terrorist attacks coverage litigation.
- Settled the Converium class action litigation relating to adequacy of reserves post- IPO.
- Acquired AIG direct auto insurance company for the Farmers' Insurance Exchanges, the first asset sale after the financial crisis. Obtained nationwide insurance department regulatory approval on an expedited basis.
- As General Counsel of New York Life, Member of Executive Management Committee and Secretary of the Board, Ms. Kane structured and led the life insurance industry-wide settlements for vanishing premium with state Attorneys General and departments of insurance investigations and class action.
- Led the international legal and accounting team responding to a pre-FSA regulatory action that closed New York Life's U.K. subsidiary; created a compliance and review structure for tied agents in a matter of weeks, resulting in the company's reopening with no fine or further regulatory action.
- Led the IPO of Express Scripts when spun off from New York Life's HMO business.
- Settled SEC market timing investigation
- Built a $250M women and minority owned institutional asset management business
- Implemented best-in-class selection and monitoring process compliance and investment process and performance review
- Obtained SEC, Investment Management Division approval for a $3B substitution of branded non-proprietary mutual funds to sub-advised funds, based on an independent selection and monitoring process.
Property and Casualty
Life and Health Insurance
Areas of Practice
- Insurance Law
- Mergers and Acquisitions
- Internal Investigations and Governance
- Securities Law
- Asset Management
- New York
- National Association of Securities Dealers
- Governor, 1993-1997
- Selected for the Special Committee to oversee the market maker investigation and appoint independent examiner
- American Council of Life Insurance Companies
- Former Legal Section Head
- Association of Life Insurance Council
- Former member of the Board of Directors
Honors / Awards
- Listed as a New York Metro Area Super Lawyer
- Corinthian Colleges
- Director, 2005-present
- Guess?, Inc.
- Director, 1998-2010
- Global Crossing
- Director, 2002-2004
- Supervised Securities Exchange Act 10A independent investigation as a member of the Special Committee appointed by the Board. The 10A Committee Report was accepted by the SEC and no further regulatory action was taken against the company.
- Board Member, 2012-present
- Co-author, "The Development of Global Capital Standards for IAIGs and G-SIIs: Notes from IAIS Meeting on November 13, 2013," Duane Morris Alert, November 25, 2013
- Co-author, "The Ongoing Debates Over Insurance Regulatory Reforms," Law360, October 21, 2013
- Co-author, "First Ever: Global Capital Standards for Insurers," Duane Morris Alert, October 11, 2013
- Co-author, "Insurance Regulatory Update - Holding Company Supervision, Designation of Prudential Financial as Being 'Too Big to Fail,' Principle-Based Reserving and Captives," Duane Morris Alert, September 23, 2013
- Co-author, "Financial Stability Board Designates Nine Global Insurance Groups as 'Global Systemically Important Insurers,'" Duane Morris Alert, August 5, 2013; republished by Law360, August 20, 2013
- Co-author, "Principle-Based Reserves & SPVs: Regulatory Developments," Duane Morris Alert, March 21, 2013
- Co-author, "HHS Issues Final Rules on Essential Health Benefits, Federal and Partnership Exchange Qualified Health Plan Accreditation Timeline and Actuarial Value," Duane Morris Alert, March 6, 2013
- Co-author, "U.S. Supreme Court Decision on Patient Protection and Affordable Care Act: Implications for Health Insurance Issuers," Duane Morris Alert, June 29, 2012
- Co-author, "U.S. Healthcare Reform," Journal of the British Insurance Law Association, March 2012 (Winner, 2012, "Best Article," British Journal of Insurance Law)