Areas of Practice

Suitability

Agent and Broker Standards and Practices

Agents and brokers must meet the Standards of Care requirements determined by State Insurance Codes, customs, and practices of the industry. When allegations of failure to comply lead to problems for insurance companies, agencies and brokerages and the agents and brokers themselves, New World Expert Witness Services can help.

Life Insurance and Reinsurance Company Operations and Procedures

New World Expert Witness Services can supply consultants with extensive experience in all aspects of life insurance and reinsurance company operations, including marketing and distribution, actuarial and finance, product development and reinsurance, administration and IT, and underwriting and claims. View Specific Experience and Qualifications.

Life Insurance and Reinsurance Coverage and Claims Disputes

Coverage and claims disputes often originate at the time of the application and initial underwriting. A dispute may arise from ambiguity or misunderstanding, but in some cases intentional misrepresentation may be suspected. The availability of reinsurance recovery may depend on the appropriate application of established underwriting guidelines. New World Expert Witness Services can analyze relevant information to assist the client in adopting the effective response in such situations. View Specific Experience and Qualifications.

Life Settlements

The rapidly developing secondary market for life insurance policies—the Life Settlement Market—serves an important function by providing options when a policy no longer serves the needs of the policy owner. However, in a nascent industry, abuses can and do occur. Determining whether the amounts received for policies or the representations made to an investor in a portfolio of life settlements are appropriate requires specialized expertise. New World Expert Witness Services has this expertise, as well as the understanding of industry practices and standards needed to put the numbers in context and make the client’s case. View Specific Experience and Qualifications.

Market Conduct

The complexity of insurance regulation relating to market conduct has increased significantly in recent years. New insurance products and investment vehicles, changing economic factors, increased political scrutiny and consumer concerns complicate the oversight of marketing functions. When problems arise, New World Expert Witness Services has both the in-depth knowledge of insurance regulation and the insurance industry operating experience needed to help.

Policyholder Issues

New World Expert Witness Services has consultants with in-depth regulatory knowledge and extensive industry experience who can help address policyholder issues such as suitability, appropriateness of underwriting decisions and claim disputes.

Reinsurance

Reinsurance agreements are complicated instruments describing complex arrangements between highly knowledgeable parties. Complexity can and often does lead to disparate interpretations and ultimately to disputes. Often, arbitration is prescribed, with potential arbitrators frequently required to have had senior management experience with a reinsurer. New World Expert Witness Services can supply consultants with many years of extensive senior management experience on both the ceding and assuming sides, as well as hands-on experience drafting and negotiating all types of life insurance and annuity risk and financial treaties. View Specific Experience and Qualifications.

Risk Classification

Assigning applicants for life insurance and annuities to the proper risk class allows insurers to charge premiums that are based on expected cost, thereby making all applicants equally profitable, regardless of level of risk. No matter how well-designed, however, a risk classification procedure may draw criticism from disappointed applicants or consumerists. New World Expert Witness Services can supply consultants who have dealt with such complaints as members of management, as well as testifying on behalf of professional organizations in front of NAIC committees and state legislative bodies. View Specific Experience and Qualifications.

Standards of Practice-Industry and Regulatory

The insurance industry is subject to both written and unwritten standards of practice, as well as specific regulatory requirements. New World Expert Witness Services has consultants who are intimately familiar with, and in some cases have assisted in the drafting of, these standards and regulations.

Suitability

Most non-variable annuity products are not subject to SEC and NASD rules regarding sales procedures. However, state regulators are taking strong stands on the suitability of sales, particularly to senior citizens. Insurance company products differ from other securities in important and often unrecognized ways, such as the provision of long-term guarantees, the availability of valuable options, including book value-based cash values and other features. In order to properly assess the suitability of a sale, these insurance features must be given proper weight. New World Experts can supply both qualitative and quantitative comparisons of insurance products to other insurance products and to non-insurance products, potentially demonstrating that a sale is suitable when all factors are taken properly into account. View Specific Experience and Qualifications.