Insurance Company Accused Of Securities Fraud


Reinsurance ExpertThis case involves a securities fraud claim brought against an insurance company by a class of investors. It was alleged that the insurance company defrauded investors by under-reporting claims to both the state and to policyholder beneficiaries, and by not informing policy beneficiaries when the policyholder is subject to funds. It was further alleged that the insurance company kept these funds and investments and defrauded investors and shareholders by claiming these funds as their own reserves. An expert in the insurance industry particularly familiar with unclaimed property practices was sought to opine on the case.

Question(s) For Expert Witness

  • 1. Please describe your knowledge as it relates to unclaimed property / unclaimed life insurance policies in the insurance space.

Expert Witness Response E-033821

I have extensive experience in the life insurance industry as a consultant as well as an executive. In addition I have taught the licensing course for aspiring life agents. My experience includes direct life insurance operations, domestic, international, reinsurance, corporate board service, external audit including review of financial statements, review of policyholder dividend scales and review of current assumption setting procedures for a global safety consulting and certification company. I have extensive practice in experience studies for life insurance, health insurance, annuities and have worked with records maintained by insurers. I have had occasion to deal state unclaimed property practices on a couple of occasions and am aware of certain practices followed by the life insurance industry based on information provided in the press.

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