Sandra McDermott has 25 years of experience handling complex and high-value regulatory, corporate, and transactional matters for insurance companies, agents, brokers, and other insurance-related entities. With a background that includes spending nearly two decades as an in-house counsel to a major life insurance company, she brings to each matter an exceptionally acute understanding of the inner workings of insurance companies as well as the impact of legal issues and regulatory affairs on their operations and the bottom line.
Sandy has extensive experience assisting clients with a broad array of regulatory issues before the New York Department of Financial Services. She regularly guides clients through approvals of new insurance products as well as the creation of warranties, service contracts, and other products not intended to be classified as insurance. She also handles matters related to licensing, holding companies, advertising regulations, and much more. Drawing from her in-house experience and her ability to anticipate the reactions of regulators, Sandy is frequently called upon to advise on the design of new insurance products and programs in order to help companies reach their goals while maintaining compliance with insurance laws and regulations.
Sandy also has significant experience in the area of health insurance. She has counseled numerous clients on issues involving the Affordable Care Act, including matters related to student health insurance, excepted benefits, the employer mandate, and the insurance exchanges.
During her in-house career, she served as chief counsel to the New York domestic life insurance companies of AIG/American General. There she provided advice and counsel concerning the full range of regulatory, corporate, transactional, product, and compliance challenges facing insurers. She brings this experience to her representation of clients in matters involving statutory mergers, corporate organization and procedure, agent compensation, advertising, holding company transactions, contract negotiation, licensing and contracting, and complex financial programs. In addition, she developed and assisted with the implementation of remedial action plans associated with claims and litigation, regulatory examinations, and internal audits.
Sandy also served as chief counsel to the Affluent and Corporate Markets Group and the Specialty Markets Group, two of the company’s product distribution channels. In this role, she provided legal and regulatory counsel to senior management on issues arising out of the development, marketing, and distribution of customized life insurance and annuity products, including fixed and variable annuities and life insurance, structured settlement annuities, private placement annuities and life insurance, and corporate-owned life insurance. Earlier in her career, Sandy served as corporate secretary to the New York domestic life companies, and before going in-house, she was an associate counsel with the New York State Assembly Minority Counsel’s Office.
Sandy is a frequent author and speaker on a wide range of topics, including New York insurance regulation, life and health insurance, and risk evaluation and management.
