Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.
Annuity and Insurance product support and actuarial services for regulatory response and litigation
Bates Group’s Annuity, Insurance and Actuarial practice is focused on delivering exceptional and cost effective solutions for our life insurance, annuity, property & casualty, employer/employee, reinsurance, captive and healthcare clients. This service begins with our seasoned professionals having decades of industry experience and a deep knowledge of product, policies, standards and procedures to support Insurance and Actuarial Consulting engagements.
Bates Group’s Insurance and Actuarial experts apply their experience to assess all aspects of agent and broker standard of care, duties, insurance industry customs, sales practice, and contract/policy analysis. Many of our experts are recognized speakers and lecturers on insurance topics, as well as being testifying experts. Examples of Insurance products and lines our experts have been asked to analyze include: Annuities (Fixed, Indexed and Variable), Life Insurance (Term, Whole, Universal, Variable), Disability Insurance, Group Life and Health, Property & Casualty, Cyber, Business Interruption, Errors & Omissions, Liability, and Directors & Officers.
Managing Consultant, Insurance & Actuarial Services
Bates Group has been retained to analyze thousands of Annuity/Life Insurance contracts to determine gains or losses associated with Fixed/Variable/Indexed Annuities as well as Term/Whole Life/Universal Life/Variable Life Insurance products.
Bates Group was retained to assist an insurance carrier during a FINRA investigation alleging the carrier’s misrepresentations, suitability violations, and supervision in connection with sales and replacements of variable annuities. We analyzed thousands of pages of contract applications and internal documents pertaining to over 500 variable annuity exchanges to compile a database of annuity transactions. Data validation techniques were used to check the consistency and accuracy of the dataset. Once validated, the database was used to generate summary reports and schedules detailing our findings related to the alleged misrepresentations and omissions, which allowed counsel to rebut allegations and negotiate a more favorable result. During the investigative process, Bates’ experts also consulted on the suitability and supervision of the annuity transactions.
When an estate-initiated litigation against an insurance agency involving universal life insurance policies that had lapsed, Bates was engaged to calculate the hypothetical premiums that would have been required to keep the policies in force. We provided a potential damages calculation which included hypothetical insurance premiums and death benefits discounted to present value. Our expert was also able to consult on the suitability and sales practices involved with the sale and maintenance of the universal life insurance products.
Our Insurance and Actuarial experts have decades of industry experience and have been retained on thousands of cases to consult or testify regarding suitability and sales practices of life insurance and annuity products.
Our insurance regulatory and litigation team works side-by-side with multi-national and regional insurance companies, financial services firms and their in-house and outside counsel.
Our consulting actuaries and risk management specialists are part of a team of diverse industry and technical experts skilled in designing more efficient safeguards from an enterprise’s risks.