Insurance 101 – Chapter 16 Volume 92 – SUMMARY

SUMMARY

What has been the result of these battles against fraud? Has the number of prosecutions for insurance fraud increased? Not to any appreciable degree. The prosecution of insurance fraud is still rare. State statutes compelling insurers to form fraud investigation units usually have no penalties if the insurer fails to establish such a unit (compared with California regulations that impose a $55,000 fine for failure to establish a SIU or loss of the certificate of authority to do business in the state). This situation seems unlikely to change until states put in place statutes similar to California’s IFPA that facilitate prosecution of fraud.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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