NICB announces Q3 increase in questionable claims by 7 percent

The National Insurance Crime Bureau (NICB) has released its third quarter 2011 results from its referral reason analysis of questionable claims (QC). This report investigates six different types of claim referral reason categories. They are: workers’ compensation, casualty, property, commercial, vehicle, and miscellaneous. It compared the results among the third quarters of every year from 2009 to 2011. Questionable claims are those that are made to member insurance companies of NICB which must be referred to the bureau for closer review and potential investigation as a result of certain red…

Read More

Largest insurers in China have legal problems

On Monday, China’s audit office found “improper and illegal activities” involving the nation’s two largest insurance companies: People’s Insurance Co. of China and China Life Insurance. The audit found that SNY3.02 billion ($458 million) had been involved with the illicit activity. Officials with the National Audit Office said that the companies were involved in an array of improper settlements, illegal international investments, and selling fraudulent insurance policies. The crimes were found after an inspection of the books from 2009. 350 people directly involved in these events were taken into custody…

Read More