Sandy P. Fay, a Shareholder in the Colodny Fass Insurance Regulatory Law and Corporate and Transactional Divisions, assists national insurance industry clients on a wide variety of matters, including the formation and licensing of start-up insurers and insurance-related entities, mergers and acquisitions, reorganization, expansion into additional jurisdictions, financing, compliance, solvency, agent and agency licensing, reinsurance, holding company and affiliate transactions, financial and market conduct examinations, and rate and form filing matters.
Mr. Fay prepares and submits all forms of insurance entity licensing applications, drafts corporate formation materials and negotiates a variety of insurance-related agreements, such as agency contracts, claims administration agreements and other vendor agreements. He counsels clients in administrative proceedings such as rate hearings, licensing applications and rule challenges.
He works with insurance regulators on a 50-state basis in assisting clients with all facets of the regulatory process.
Examples of typical insurance regulatory transactions handled by Mr. Fay include:
- The formation and licensure of property and casualty insurance companies, premium finance companies, health maintenance organizations, warranty associations and managing general agencies
- Obtaining regulatory approval of numerous acquisitions of insurers and insurance holding companies
- Expansion of a large workers’ compensation insurance carrier into multiple jurisdictions
- Nationwide licensure of a surplus lines insurer
- Multiple mergers of a property and casualty insurer
- Nationwide licensure of a boiler and pressure vessel insurance company
- Drafting of holding company and affiliate transactions and obtain regulatory approval of same
- Expansion of a large health insurer into over 20 jurisdictions
In addition to insurance regulatory work, Mr. Fay also counsels clients on corporate and transactional matters, including formation, shareholder and operating agreements, confidentiality issues, employment agreements and financing and loan transactions.
Experienced in commercial litigation, class actions and appellate work in both state and federal courts, he is admitted to practice in all Florida state trial and appellate courts, as well as before the U.S. District Court for the Middle and Southern Districts of Florida and the U.S. Court of Appeals for the 9th Circuit.
Mr. Fay received his Bachelor of Arts from the University of Miami in 1995 and his Juris Doctor, magna cum laude, from the Nova Southeastern University Shepard Broad Law Center in 1998.
A member of the Florida Bar and the Broward County Bar Association, he is admitted to practice in all Florida state trial and appellate courts, as well as before the United States District Court for the Middle and Southern Districts of Florida and the United States Court of Appeals for the Ninth Circuit. He is a member of the Stephen R. Booher American Inn of Court, and the international legal fraternity, Phi Delta Phi.
Civic and Community Involvement
- Phi Delta Phi International legal fraternity member
- Insurance Regulatory Examiners Society Annual Career Development Seminar; July 31-August 2, 2011; Minneapolis, MN
- Florida Hurricane Catastrophe Fund 2011 Participating Insurers Workshop; May 24-25, 2011; Orlando, FL
- NAIC Summer 2009 National Meeting, June 2009
- 2008 Florida Office of Insurance Regulation Filing and Compliance Symposium, May 2008
- State of the Florida Insurance Market Summit: 2007, 2009, 2011, 2013, 2014, 2015
Published Articles and Media Appearances
- “Colodny Fass Lawyer Sandy Fay Closes $16.68M Federated National Insurance Acquisition Transaction,” Daily Business Review. March 6, 2018.
- “Insurance Regulation Lawyers Colodny Fass Chosen by A.M. Best to Revise Prestigious Florida Insurance Law Digest for Fifth Consecutive Year,” March 29, 2017
- “Insurance Regulation, Florida Lobbyist “Workhorse” Lawyers Promoted to Partners As Colodny Fass Law Firm Updates Name,” November 3, 2014.
- Daily Business Review, July 18, 2007–“Attorney puts together funding for two insurers“ Colodny Fass attorneys Mike Colodny and Sandy Fay assisted in securing $16.5 million and $7 million loans from Florida’s Insurance Capital Build-Up Incentive Program.