Consulting Team Member








Professional Summary


Betty Cordial has provided receivership services to insurance commissioners, federal and international regulators for over 40 years, serving as a deputy receiver, liquidator or independent fiduciary on 122 troubled or insolvent insurance entities. A results oriented executive with extensive knowledge of the insurance industry, a proven history of addressing complex business issues and potentially fraudulent transactions, the successful rehabilitation of troubled companies, and the development and execution of liquidation plans to maximize distributions to creditors. Over 14 years of experience representing the members of the National Association of Insurance Commissioners on issues involving fraudulent and criminal transactions with federal and foreign regulators and law enforcement authorities.


1988 - Present Vista Consulting Group, Inc./C.T.F. and Associates, Inc. (President)
August 1982
  - Present
Consultant to Insurance Regulators and other Governmental Agencies

As a consultant to insurance commissioners in a number of states (including serving as Special Deputy Receiver, Rehabilitator or Liquidator) organized, established and directed systems and procedures for the rehabilitation or liquidation of insurance companies and insurance related entities, including full responsibility of all aspects of managing the estates. Under appointment from a federal government agency, served as the managing director responsible for rehabilitating four life insurer subsidiaries of a failed savings and loan, and appointed by federal courts as Independent Fiduciary of three unions and four ERISA health and welfare benefit plans. Has also determined and documented the causes of insurance company insolvencies, including review of financial and corporate records, asset evaluations, management practices, agency contracts/reporting, and reinsurance contracts. Assistance has also been provided to the states in the supervision and documentation of a number of insurance financial fraud investigations. Served as an expert witness in criminal cases involving financial fraud in the insurance industry and provided fact and expert testimony in civil cases involving the insolvency of insurers and insurance related entities.

Provided receivership, rehabilitation or consulting services to the following governmental agencies:

Consultant to Insurance Division, State of Nevada, on examination of a captive insurer (2007-2008).

Independent Fiduciary for International Union of Public and Industrial Workers Canadian Benefit Fund and Manufacturing and Industrial Workers Benefit Fund, appointed by U.S. District Court for the Northern District of Georgia (2007-Date).

Special Deputy Receiver and Deputy Liquidator for Insurance Commissioner, State of Nevada, on property-casualty insurer insolvency and related agency (2001-Date)

Deputy Receiver for Commissioner of Insurance, State of Mississippi, on three Martin Frankel controlled life insurance companies (1999-Date)

Independent Fiduciary for Independent Professional, Craft and Maintenance Employees Association Trust and Professional Employee & Affiliates
Association Trust, appointed by U.S. District Court for the Northern District of Illinois (1996-2002).

Special Deputy Insurance Commissioner and Deputy Receiver for Insurance Department, State of West Virginia, on three property/casualty insurance companies, one managing general agent, one life insurance company, and affiliated insurance agencies and related non-insurance corporations (1987-2005).

Special Deputy Receiver and Court appointed Liquidator for Blue Cross Blue Shield of West Virginia, Inc., the only insolvency of a Blue Cross plan in the United States (1990-2009).

Contracted with Insurance Commissioner, State of Wyoming, to perform Deputy Receiver functions on a life insurer insolvency (1992-1996).

Consultant to Insurance Department, State of Idaho, on health insurer rehabilitation matter (1994).

Consultant to Conservation and Liquidation Office, State of California, on insolvency of fourteen alien unauthorized insurers (1991-1992).

Consultant to Office of Special Deputy, State of Illinois, on multiple insurer insolvencies (1982-1985 and 1990-1991), including responsibility for the rehabilitation of the nation’s oldest and largest independent automobile warranty company.

Consultant to Insurance Department, State of North Carolina, on insolvency of property-casualty insurer (1990-1991).

Consultant to Insurance Department, State of Arizona, on unauthorized health insurer (1989).

Deputy Receiver and then Court appointed Receiver of an international marine insurance and reinsurance company in Anchorage, Alaska (1989-1990).

Consultant to Division of Insurance, State of Alaska, on examination of marine insurance and reinsurance company (1988-1989).

Deputy Receiver for Insurance Department, State of Pennsylvania, on insolvency of one of the nation’s largest property-casualty insurance and reinsurance companies (1988).

Managing Director and Rehabilitator for Federal Deposit Insurance Corporation/Federal Home Loan Bank Board (Chicago) on four life insurance companies (domiciled in Illinois, Florida, Oregon and California) owned by insolvent savings and loan (1986-1987).

Consultant to Insurance Division, State of Oregon, on insolvency matters relating to two property-casualty insurance companies and a managing general agency (1984-1988).

Consultant to Insurance Department, State of Iowa, on insolvency of large multi-state health insurer (1983-1986).

Consultant to Judicial Receiver, State of Texas, on matters pertaining to multi-state property-casualty insurer (1983).

Consultant to Insurance Department, State of New York, on insolvency of large property-casualty insurer and reinsurer (1983).

Consultant to Bermuda Ministry of Finance on insolvency of Bermuda domiciled insurer that primarily wrote property-casualty direct and reinsurance business in the United States (1983).

Consultant to Insurance Department, State of Rhode Island, on insolvency of large multi-state personal lines property-casualty insurer (1982 & 1992).

1985 – 1999 National Association of Insurance Commissioners

From May 1985 to September 1999, served (on a part-time basis) as the Reinsurance and Liquidation Consultant and then Special Services Coordinator of the NAIC. General consulting services were provided to the NAIC and its member states concerning financial fraud issues in the insurance industry, particularly in reinsurance, surplus lines and alternate federally regulated health care programs. Responsibilities included representing the NAIC membership with state, federal and international law enforcement authorities and coordinating financial fraud investigations between those agencies, including participation in undercover operations of federal law enforcement agency. Also provided staff and technical support to the following NAIC committees and task forces: Reinsurance and Anti-fraud, Surplus Lines, International Insurance, Rehabilitators and Liquidators and Special Committee on Antifraud.

1971 - 1982
California Insurance Commissioner, Conservation and Liquidation Division
Administrator and Operations Manager

Reporting to the Chief Deputy Insurance Commissioner, in charge of the rehabilitation and liquidation office for insolvent insurance companies (property-casualty, life, health and title). Areas of responsibility included analysis and collection of assets (including sale of real property and physical assets), investments, reinsurance analysis (including collections and commutations), forensic accounting, staffing, accounting, claims, agency auditing and collections, data processing, development of court petitions and reporting, and coordination of legal oversight and issues with Attorney General's office. Responsible for the administration of the receivership (conservation, rehabilitation or liquidation) of 39 California domestic insurance companies and multiple ancillary proceedings during this period.

1970 - 1971 Sierra Western Life Insurance Company
Corporate Secretary and Assistant to the President

Responsible for filing and obtaining state approval of policy forms and rate filings, preparation and maintenance of corporate records; appointed by California Chief Deputy Insurance Commissioner to serve as manager of company during period that insurer was operating under an Administrative Supervision order.

1968 - 1970
Pacific Employers Group of Insurance Companies and Insurance Company of North America
Assistant Manager of Public Relations and Advertising

Coordinated with company officials to prepare and issue press releases on significant corporate activity, assisted in development of company’s advertising campaigns, chaired Industry Publicity Committee for activities connected with December 1968 NAIC meeting in California, organized and managed public relations program for company producers and large accounts, represented company in California industry associations, editor of company employee publication.

1963 - 1968 Pierce National Life Insurance Company
(1964-1965) Supervisor of Policyholders Service Department; responsible for managing a staff of twelve that handled all policyholder servicing activities including application of non-forfeiture provisions.
(1966-1968) Assistant to the Treasurer/Vice President; assisted in the analysis and development of corporate investment portfolio, and responsible for state rates and forms filings.
EDUCATION: University of LaVerne
Majored in Business Administration
PROFESSIONAL AFFILIATIONS: Certified Insurance Receiver, Multiple Lines Designation (CIR-ML) awarded by the International Association of Insurance Receivers (IAIR)
Member of the Board of Directors 1994 to 1998
U.S. Treasury Department – Member of Bank Secrecy Act Action Group
1997 to 1999
Member of US Department of Justice Law Enforcement Coordinating Committee on insurance fraud issues 1993-1997
International Association of Insurance Fraud Agencies 1985 to 2008










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