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Raymond Conover, ARe, FLMI, MCM

Raymond Conover, ARe, FLMI, MCM

Ray Conover is a Bates Consulting and Testifying Expert specializing in issues relating to insurance company regulation with an emphasis on matters relating to financial, market conduct and compliance insurance regulatory issues. Mr. Conover began his career in 1980 with the New Jersey Department of Banking and Insurance in Trenton, where he initially was a member of the Division of Insurance, Office of Life and Health participating in the actuarial review of life insurers. Later he became the Secretary of the Life & Health Admissions Committee, responsible for the review of life, health and dental entity formations and applications for admissions and extension of authority.

 In 1988, Mr. Conover joined the Division of Insurance, Office of Solvency Regulation – Financial Analysis Unit.  He was responsible for the development of the Department’s financial analysis review procedures for this newly-formed unit.  He was an original member of the National Association of Insurance Commissioners (“NAIC”) Financial Analysis Handbook Working Group, which developed the financial analysis handbook used by most state insurance departments to monitor the financial condition of the insurers transacting business in their respective states.  As the Assistant Chief Insurance Examiner overseeing the Department’s Financial Analysis Unit, Mr. Conover was responsible for managing the unit that was responsible for ongoing monitoring of New Jersey domestic insurance entities.  The standards developed and implemented by Mr. Conover along with the performance of the unit were key components to the Department’s initial successful NAIC Financial Accreditation review in 1994 as well as subsequent successful reviews every five years thereafter.  He was also a member of the NAIC Financial Analysis Working Group which assisted in the monitoring of nationally significant insurers experiencing signs of financial difficulty.

In 2000, Mr. Conover was promoted to the position of Chief Insurance Examiner.  In this role he managed the Department’s Financial Examination Unit which is responsible for performing on-site audits of New Jersey domestic insurers, the Life and Property Casualty Financial Analysis Unit and the Health Financial Analysis Unit.  Ray was also the Chair of the Property Casualty Admissions Committee, a member of the Life and Health Admissions Committee and a member of the Department panel responsible for the review of Form A - Acquisition and Mergers filings involving New Jersey domestic insurers.

In 2004, Ray was appointed the Assistant Commissioner of the Office of Solvency Regulation.  In this role he was responsible for the operations of the Office of Solvency Regulation including the Field Examination Unit, the Financial Analysis Units, the Property Casualty Actuarial Unit, the Alternative Insurance Unit, the Insolvency, Premium Tax and Acquisitions Review Unit, and the Admissions, Self-Insured and Records Unit.

In 2012, after more than 32 years with the Department, Mr. Conover “retired” from the Department and began a consulting career.  In this role, he assists insurers, law firms and regulators with a variety of financial, market conduct and compliance matters.  Ray has assisted insurers and law firms with corporate governance development and examination preparation, preparation of Form A, admission and expansion application filings, an underwriting compliance self-monitoring review, Organized Delivery System (“ODS”) formations and filings, a captive formation, reactivation of insurers’ certificate of authority submissions, accounting treatment requests, financial condition review assistance and other regulator interaction matters.  He has also assisted law firms in expert witness assistance matters.  Ray has participated in a financial exam, market conduct exams, Market Conduct Annual Statement data integrity reviews, a Form A review and a reactivation review for regulators.    

Raymond is a consultant and subject matter expert in these Practice Areas and Services:



Bates Group LLC, Consulting and Testifying Expert, 2016 - Present
Conover Insurance Regulatory and Consulting Services, LLC., Managing Member, 2012 - Present
New Jersey Department of Banking and Insurance, 1980 – 2012; Assistant Commissioner, Office of Solvency Regulation, 2004-2012; Chief Insurance Examiner, Office of Solvency Regulation, 1999-2012; Assistant Chief Insurance Examiner, Office of Solvency Regulation, 1990-1999; Supervising Insurance Examiner, Office of Solvency Regulation, 1988-1990; Insurance Analyst, Office of Life & Health, 1980 - 1988


Bachelor of Science (BS), Business, Rider College, Lawrenceville, NJ


  • AIE, Accredited Insurance Manager - Insurance Regulatory Examiners Society
  • ARe, Associate in Reinsurance – Insurance Institute of America
  • FLMI, Fellow Life Management Institute – Life Office Management Association, Inc.
  • MCM, Market Conduct Manager – Insurance Regulatory Examiners Society