Tag: auto insurance fraud

IRA cautions that insurance fraud is harming the economy

Marc
Insurance Fraud - Research and analysis

The regulatory authority is urging Kenyans to cease their fraudulent claims as it’s hurting their economy. The Insurance Regulatory Authority (IRA) is urging people across Kenya to cease the rampant insurance fraud through scam claims. The IRA stated that the practice has been causing notable harm to the economy, while also slowing down the pace of legitimate claims settlements and causing premiums to spike and stay high. In fact, the IRA estimates that this practice is inflating premiums people are paying by up to 25 percent. The regulatory authority stated…

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Auto insurance company points to vehicle mileage for fraud detection

H. Cutner
Auto Insurance - ODO Fraud

State Farm underscored the importance of spotting odometer fraud when purchasing a used car. Although the majority of vehicle fraud headlines point to the theft of catalytic converters, but the State Farm auto insurance company showed that odometer fraud is also an important issue to keep in mind. Though this type of fraud is tougher to spot, there are a number of strategies that can be used to find it. State Farm published a news release to help people to spot odometer tampering while considering a used vehicle for purchase.…

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$500,000 care insurance fraud ring suspects arrested in California

G. Turner
Car Insurance Fraud Ring - damaged car

Four suspects have been arrested in this case for reportedly scamming insurers out of half a million dollars. Investigators in California have arrested four suspects for their alleged involvement in a car insurance fraud ring. Their alleged activities cost scammed insurers $500,000 until they were found out by the California Department of Insurance, San Diego County District Attorney’s Office, and the California Highway Patrol. The four arrests were made earlier this month following a substantial investigation into the scam. According to reports, the car insurance fraud ring involved dealers buying…

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Man attempts auto insurance fraud an hour after crashing his car

G. Turner
auto insurance fraud - Car Crash

An uninsured California man attempted to purchase a policy an hour after having an accident. A man from California is on his way to prison after having committed auto insurance fraud an hour after a crash. The man has been convicted and will spend 11 years in jail, according to an Insurance Business Magazine report. The man was uninsured at the time of the crash but attempted to buy a policy an hour later. According to prosecutors on the case, the man had an accident in his car, then bought…

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Regulators decline Wells Fargo’s strategy to repay insurance customers

Nordstrom
Repayment of insurance customers stopped - Stop Sign

American regulators have rejected the bank’s repayment plan to borrowers who were unfairly sold coverage. The Office of the Comptroller of the Currency (O.C.C.) has rejected Wells Fargo’s plan to repay its insurance customers. Those borrowers were overcharged by the bank when they were sold unnecessary auto insurance. The O.C.C. has not yet implemented a deadline by which a plan must be approved. That said, Wells Fargo is unable to complete the effort of compensating its affected customers until it receives the regulator’s nod. Regulators told Wells Fargo it must…

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