Senate Permanent Subcommittee Proposes Initiative Against International Aspects of Insurance Fraud

On July 1,  the Senate Permanent Subcommittee on Investigations (PSI) issued a report, entitled “Problems with the Regulation of the Insurance and Reinsurance Industry,” which found that serious deficiencies in the current system for state regulation of the U.S. insurance and reinsurance industry permit underfunded and unscrupulous insurance companies to bilk unsuspecting citizens of millions of dollars in premiums and require enhanced international cooperation to detect and prosecute insurance fraud…[more]