This column looks at insurance fraud and how law enforcement and regulatory authorities are dealing with it.
Defendant Sentenced to Up to Six Years on Prison, Ordered to Pay Full Restitution to Victims POUGHKEEPSIE, N.Y.—Attorney General Eric T. Schneiderman announced the sentencing of a former Saratoga County insurance agent who defrauded an elderly couple of more than $300,000 over the course of a nearly eightyear period. Joseph A. Marvullo, 64, of Porter […]
Two time fraudster Raja Ishtiaq was convicted after a five-week trial for his role in a massive scheme to fraudulently obtain commercial car insurance policies and New York City Taxi and Limousine Commission (TLC) licenses. Over a period spanning almost five years, the defendant and his co-conspirators fraudulently obtained thousands of dollars in discounted insurance […]
Senate Targets Auto Fraud ALBANY, N.Y.—The New York State Senate passed legislation to crack down on auto insurance fraud which has led to injuries, even death, for innocent victims and costs hundreds of millions of dollars a year in higher premiums when New Yorkers already pay some of the highest auto insurance rates in the […]
By Betty Flood and Katlin Nash A LBA NY, N.Y.—The New York Stand Against Insurance Fraud endorsed a measure for the crackdown on rate evasion insurance fraud. New York State Senator Lee Zeldin (R, C, I- Shirley) has called for a crackdown on rampant auto insurance fraud being committed by New Yorkers who intentionally and […]
DFS Investigation Uncovers Widespread Violations, Consumers “Left In Dark” Benjamin M. Lawsky, Superintendent of Financial Services, announced that 15 insurers have been fined $2.7 million because they failed to notify small businesses that they were eligible to buy special insurance coverage for mental illnesses and children with serious emotional disturbances. Oxford was fined $1.3 million, […]
ISO has announced a new resource that will help claims and fraud investigators identify an individual’s presence on social networking websites. Web Presence Search – available through the ISO ClaimSearch® Decision Net® public records information portal – can identify an individual’s “web footprint” or trail of digital information left as a result of postings on […]
Verisk (Nasdaq:VRSK), a leading source of information about risk, has announced the formation of Verisk Crime Analytics, reflecting the company’s recent growth in crime analytics and its potential penetration into this growing market. Following other recent product launches and acquisitions, Verisk currently owns and operates national crime databases that provide services to the construction, retail, […]
WASHINGTON—A cashstrapped businessman torches his home then massacres five people to keep witnesses from testifying. A cop shoots himself to steal workers comp money. Two scammers stuff a coffin with a mannequin and cow parts to invent a dead person for a million-dollar lifeinsurance payout. These are among the extreme schemers elected to the Insurance […]
Washington—Frank Sztuk of Hanover Insurance was elected co-chair of the Coalition Against Insurance Fraud amid record attendance at the public-interest group’s annual membership meeting in early December. Sztuk is Hanover’s National SIU Strategist and has chaired the Massachusetts Fraud Bureau. He will share Coalition leadership with incumbent cochair Steve Perry, head of the D.C. Department of Insurance, […]
Govenor Andrew Cuomo ordered 11 insurance companies to refund $114.5 million to holders of policies that cover 573,748 people who were overcharged for health insurance premiums in 2010. “In this economic climate, every penny counts and in this case, insurance companies were overcharging New Yorkers to the tune of millions of dollars,” Governor Cuomo said. […]
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