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Fraud Suspects and Their Victims - How New York Insurance Companies Is Charged With Life Fraud
A Boston man acting as a dead relative took out more than a dozen life insurance policy across the state, federal prosecutors charged in a case involving Iowa ties. Some of the policies were in the name of the deceased, some were in his name but offered to cover the insured's family members as well as his or her own, and still others were in the name of another individual with a different last name. Some of these same policies were sold through agents, brokers, and other intermediaries, according to a news release from the state's insurance department.

"This is the third case of insurance fraud in recent years in Iowa and the first case to be brought against an agent representing another company," said state Insurance Director Mike Vasey. "We've long been concerned about the number of fraudulent insurance transactions that occur without our consumers being aware.

"These cases are an indication that many insurance agents are unaware of what their states' laws require, including the mandatory notification requirements of the State Insurance Bureau," said Vasey. " cheap sr22 insurance washington state review need to make sure that our insurance agents know the rules to follow, so that our state and nation's consumers are not victimized by insurance fraud."

The most recent of the three cases involves a group of New York-based insurance companies, all of which have offices in Iowa. In 2020, all of the New York-based companies in this case were indicted on charges of selling bogus life insurance policies in the name of a deceased relative. The first person, identified as John Doe, filed for a life insurance policy in 2020. Two months later, a New York-based agent named David Moseley filed a claim on John Doe's life policy, according to court records.

When federal investigators tracked down the agent, he told them that the other company had provided false information, according to a press release from the state's insurance department. New York-based insurer John Hancock Insurance Company was fined $2.5 million. It is one of the largest fines ever issued by the state, according to Iowa Department of Insurance Chairwoman Andrea Fischer. " cheap auto insurance austin price is taking the investigation very seriously," said Fischer.

The New York-based companies in this case were accused of allowing brokers and other third parties to sell policies through the internet without their approval. Iowa regulators were alerted about the situation, and the Department of Insurance immediately began to investigate the matter.

At car insurance in river forest, il details , it is not clear whether or not the life policies were indeed sold in error, or if they were sold in order to collect a commission for their services. No one has been charged in the New York-based case as of yet, though the case is ongoing. "The investigation continues and we're working with our state Attorney General's Office on that matter," said Vasey. Other Iowa insurance agencies are conducting similar investigations into the New York companies.

In the past, other states have also had cases of fraud involving life policies. In California, an agent was sentenced to jail after he was found to be selling life policies under the name of an elderly relative.

The Iowa Insurance Division has opened new lines of inquiry in its own investigation. The division is using state-of-the-art tools like a network of private investigators, a state computer system, and state-of-the-art forensic investigation techniques. Vasey is encouraging the public to submit their own information in order to help the state authorities with their investigation.

In addition to the New York-based insurance companies, Iowa regulators are also looking at other smaller New York-based insurance companies, according to Vasey. "If we find out that a New York company is not following the same standards that a New York company follows, then we're going to have to take action," she said.

The state's Division of Insurance investigators are currently conducting interviews of insurance agents and insurance brokers as part of their investigation. If you are involved in an investigation, it is important to keep in mind that you should not make any contact with an investigator unless you are absolutely certain that the conversation is confidential and privileged.

Life insurance fraud has always been a big problem, but it's never been more important to be vigilant than in today's world. You don't want to become a victim of insurance fraud because someone has a lot of time on his or her hands.
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