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Consulting expert

Receivership and insolvency issues.

Work for court-appointed receivers, liquidators, and rehabilitators, and for the parties who deal with them.

Receiver’s expert in suits against officers and professionalsEstate claim adjudication and auditsReserve studies for carriersLife and annuity liquidations and rehabilitationReinsurance collections and run-off operations
About this practice area

What happens when an insurer fails.

When an insurer is financially troubled, the state regulator can place it under supervision, rehabilitation, or liquidation. A court-appointed receiver, often the insurance commissioner acting through a special deputy, then takes control of the company with the goal of protecting policyholders and creditors: continuing or transferring coverage where possible, marshaling assets, and resolving claims.

The work of an estate is largely operational. Claims against the estate must be evaluated and adjudicated; reserves must be tested; reinsurance must be billed and collected; and the state guaranty associations, which pay many covered claims of insolvent insurers, must be coordinated with. Receivers also pursue claims against former directors, officers, and professionals.

Policyholders, beneficiaries, and producers are affected too. They may contest a rehabilitation plan, or need to understand what happens to their coverage and benefits, a question that is especially pressing when a life or annuity carrier fails.

Testimony given for receivers and regulators appears under Testimony for Receivers and Regulators.

An insolvent insurer leaning, its failure marked amber, held by the receiver's solid strut planted with one solid mark; below, its claims are paid down an orderly line to waiting claimants
Sub-categories

Five kinds of receivership work.

Receiver’s expert in suits against officers and professionals

Analysis supporting the receiver’s claims against a failed insurer’s former officers, directors, and professionals.

View Receiver’s expert in suits against officers and professionals →

Estate claim adjudication and audits

Evaluating, adjudicating, and auditing the claims filed against an insurer in liquidation.

View Estate claim adjudication and audits →

Reserve studies for carriers

Reserve adequacy work where solvency is in question.

View Reserve studies for carriers →

Life and annuity liquidations and rehabilitation

Work on life and annuity estates in liquidation or rehabilitation.

View Life and annuity liquidations and rehabilitation →

Reinsurance collections and run-off operations

Collecting reinsurance owed to an estate, and running an insurer in run-off.

View Reinsurance collections and run-off operations →
Engagements

Matters handled.

GIC has worked for receivers, liquidators, and Departments of Insurance, and for beneficiaries and producers affected by a proceeding.

Testifying expert · Report, Deposition, Trial

Three-month trial over a failed insurer’s directors and outside auditor

$2Bplea in the case
265claim files scored
800+page report

Receiver’s expert

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Engaged by the Florida Department of Financial Services as an expert to review the claims practices of an insurance entity in Receivership, in a case for damages against the Directors and Officers of the insurer as well as their outside auditor. This required analysis of issues such as corporate governance, claim reserving, communication with claimants, and adherence to fair claims practice rules & file documentation standards for claims. The plea in the case was for $2 billion. Mr. Bingham testified during the three-month trial. Mr. Bingham and his team scored 265 files and completed a report of over 800 pages.

Circuit Court of the Second Judicial Circuit, Leon County, Florida

Also listed under: Testimony for Receivers and Regulators · Carrier claims-practice reviews & audits · Claim audits and file scoring · Testimony record

Testifying expert · Report, Deposition

Errors-and-omissions suit against a failed risk retention group’s directors, auditors, and actuaries

2-daydeposition
Finalreport issued
Settledafter the deposition

Receiver’s expert

Read moreShow less

Retained by the Special Deputy Liquidator for a South Carolina domiciled medical malpractice risk retention group in Liquidation. The Special Deputy Liquidator is suing the company’s former directors and officers, accountants, auditors, and actuaries for errors and omissions. Mr. Bingham has completed an extensive review of the company’s claim files and information management systems and has issued a final report. Upon completion of Mr. Bingham’s two day deposition the cases settled on terms favorable to the Receiver and the South Carolina Department of Insurance.

Court of Common Pleas, Fifth Judicial Circuit, Richland County, South Carolina

Also listed under: Testimony for Receivers and Regulators · Claims Handling Review · Testimony record

Consulting

Over $100 million in reinsurance billed and collected

$100M+billed and collected
2003–2008collection period
Directedlitigation and arbitration resources

Reinsurance and run-off

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Billed and collected over $100 million in reinsurance for the Illinois Office of the Special Deputy Receiver for the period 2003 to 2008. Was ultimately responsible for, directed, and coordinated the departmental, litigation, and arbitration resources necessary to achieve this milestone.

Also listed under: Reinsurance Disputes

Consulting

Two-year run-off plan for all claims activity

2-yearoperational plan
10,000sof claims evaluated and paid

Reinsurance and run-off

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Developed a two-year operational plan which directed all claims activities including the evaluation, adjudication, and payment of tens of thousands of claims and the collection of the commensurate reinsurance.

Also listed under: Carrier claims-practice reviews & audits · Claims & Reserve Auditing

Testifying expert · Report, Trial

Reserve studies

Almost everyline of business
Trialtestimony in receivership proceedings

Reserve studies

Read moreShow less

Performed multiple reserve adequacy studies for property & casualty, life & accident, auto warranty, workers compensation carriers, professional liability, asbestos & environmental, and more. Reports and trial testimony was provided in contested receivership proceedings.

Also listed under: Carrier claims-practice reviews & audits · Reserve adequacy studies · Testimony record

Testifying expert · Deposition, Trial

Contested liquidation proceeding

Orderedinto liquidation

Receiver’s expert

Read moreShow less

Testified as Receiver’s expert in the case of Legion Indemnity Insurance Company. The judge ruled in favor of the Receiver and ordered Legion into liquidation.

Also listed under: Testimony for Receivers and Regulators · Testimony record

Similar matters, grouped

Open a group to see each matter in it.

3 matters

Life and annuity receiverships

Liquidations and a rehabilitation involving life, annuity, and financial benefits carriers.

Multi-statereceiverships with NOLHGA
Early accesspayments to NOLHGA members overseen
Show the 3 mattersHide the matters
Challenge to a financial benefits insurer’s rehabilitation planTestifyingLife and annuityRead moreShow less

Retained as policy beneficiary’s expert in Rehabilitation of financial benefits insurance company to support allegations that Rehabilitation Plan may be potentially preferential and in violation of certain provisions of the state’s insurance code.

Also listed under: Testimony for Receivers and Regulators

Life and annuity liquidations at the Illinois Office of the Special Deputy ReceiverConsultingLife and annuityRead moreShow less

As the Director of Insurance operations at the Illinois Office of the Special Deputy Receiver, worked on several liquidations involving annuities and life products. In these engagements Mr. Bingham oversaw early access payments to NOLHGA members, reviewed expenses, and collected blocks of reinsurance. As a member of OSD’s executive interfaced directly with NOLHGA committees on large, multi-state receiverships.

Also listed under: Testimony for Receivers and Regulators

Workforce communications for an annuity carrier entering receivershipConsultingLife and annuityRead moreShow less

Retained by a large annuity producer to draft communications and phone scripts to assist workforce in answering questions regarding continuation of coverage and benefit payments for an annuity carrier entering receivership.

6 matters

Estate claim adjudications for Directors of Insurance as Receiver

Claims filed against insurers and risk retention groups in liquidation, investigated, negotiated, and adjudicated, most of them in a supervisory court.

Supervisorycourt adjudications
Hearingclaims taken through to hearing
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Supervisory-court adjudication of a medical malpractice claim bookConsultingEstate claims and auditsRead moreShow less

Retained by the South Carolina Director of Insurance as Receiver to investigate, negotiate, and adjudicate in the supervisory court a book of medical malpractice claims. This assignment is heavily composed of claims in New York, New Jersey, and throughout New England and is currently ongoing. The bulk of these claims have policy limits exposures.

Final adjudication of claims against two risk retention groups in liquidationConsultingEstate claims and auditsRead moreShow less

Retained by the South Carolina Director of Insurance to perform the final claim evaluation and adjudication of claims against two Risk Retention Groups in liquidation. This assignment included the investigation, evaluation, and negotiation through hearing of all timely filed proof of claims in the estate.

Final adjudication of a nursing home liability risk retention group’s claimsConsultingEstate claims and auditsRead moreShow less

Retained by the Montana Director of Insurance to perform the final claim evaluation and adjudication of claims against a Nursing Home Liability Risk Retention Group in liquidation. This assignment includes the investigation, evaluation, and negotiation through hearing of all timely filed proof of claims in the estate.

Adjudication of a propane haulers’ claim bookConsultingEstate claims and auditsRead moreShow less

Retained by the South Carolina Director of Insurance as Receiver to investigate, negotiate, and adjudicate in the supervisory court a book of claims for propane haulers. Many of these claims have policy limits exposures.

Adjudication of claims against Philadelphia taxicab ownersConsultingEstate claims and auditsRead moreShow less

Retained by the South Carolina Director of Insurance as Receiver to investigate, negotiate, and adjudicate in the supervisory court a book of claims against Philadelphia taxicab owners.

Adjudication of a commercial trucking risk retention group’s claimsConsultingEstate claims and auditsRead moreShow less

Retained by the South Carolina Director of Insurance as Receiver to investigate, negotiate, and adjudicate in the supervisory court a book of claims against a risk retention group for commercial trucking.

Other matters

Claim audit of an insolvent carrier’s property lossesTestifyingEstate claims and auditsRead moreShow less

Retained by the Receiver of an insolvent carrier to perform a claim audit and examination of property losses. A random selection of the claim population was examined to form opinions about claim handling and payment to determine accuracy of payments and adequacy of claim file documentation.

Also listed under: Reserve adequacy studies · Claim audits and file scoring · Testimony for Receivers and Regulators · Claims Handling Review · Testimony record

Reserve review of a taxicab risk retention groupTestifyingReserve studiesRead moreShow less

Retained as an expert to review the held reserves of a taxicab risk retention group. Upon Mr. Bingham’s final report of audited claim files, the group was ordered into liquidation.

Also listed under: Carrier claims-practice reviews & audits · Reserve adequacy studies

Targeted market conduct examination of an Illinois reinsurerConsultingMarket conductRead moreShow less

Engaged by the Illinois Department of Insurance to perform a targeted Market Conduct examination of an Illinois domiciled reinsurer. Subject matter of the investigation and analyses was the ceding commission structure, other operating expense budget, price & rating program including questions of capacity and surplus requirements, and provisions of the subject company’s reinsurance agreements. The project was performed pursuant to an Examination Warrant signed by the Director of Insurance and resulted in a Final Report of Examination.

Also listed under: Reinsurance Disputes · Market conduct examinations and defense

Reserve study of a medical malpractice risk retention group in liquidationConsultingReserve studiesRead moreShow less

Retained by the South Carolina Director of Insurance to perform a reserve adequacy study of a medical malpractice risk retention group, in liquidation. Held reserves were increased as a result of the recommendations in Glynloen’s final report.

Also listed under: Reserve adequacy studies

Six further insolvency matters in IllinoisTestifyingReceiver’s expertRead moreShow less

Six further matters for Illinois Directors of Insurance acting as receiver, liquidator, or rehabilitator of insolvent carriers: expert opinion reports and sworn deposition testimony, including one appearance as a fact witness.

Also listed under: Testimony for Receivers and Regulators · Testimony record

Suit to collect legal fees from a reinsurer after arbitrationTestifyingReinsurance and run-offRead moreShow less

Retained by insurer in a suit to collect legal fees from a reinsurer which refused to pay after losing at arbitration and being ordered to reimburse the insurer for their indemnity payment. Case settled on eve of Mr. Bingham’s deposition.

Also listed under: Reinsurance Disputes

Day-to-day representative of a court-appointed supervisorConsultingSupervisionRead moreShow less

Retained by the Oklahoma Insurance Department’s Receivership Office to be the day-to-day representative of the court-appointed supervisor of an insurance company: conducting a reserve audit, analysis of the claim operation, and approval of claim payments, with responsibility for a number of other tasks including compliance, reinsurance recoveries, and financial statements, reporting to the supervisor the results of the examination of the company’s operations.

Also listed under: Defense of TPAs, Agencies, and Counsel · Carrier claims-practice reviews & audits · Claims & Reserve Auditing · Regulatory Consulting

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