Despite years of discussions and consideration, the US insurance regulatory system lacks strong tools for run-off books of business similar to what is found in other jurisdictions (such as Part VII transfers and solvent schemes of arrangement in the UK). 

There are, of course, approaches available in some states--such as Vermont's LIMA (Legacy Insurance Management Act) and Rhode Island's Regulation 68.  But for a variety of reasons, there has not been a meaningful uptake of these tools by the run-off sector in the US.  

Oklahoma's new insurance business transfer law promises to approximate Part VII transfers in the UK.  We along with insurance industry members and other advisors will be busy analyzing the possibilities!

And with other states expressing a desire to pass laws and regulations to facilitate run-off deals as well, this could be a turning point for US run-off transactions.