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4- by threats or force
has given the Attorney General by law, to seek civil penalties for any
violation of this act.
So what are the civil penalties? As according to the second section of
the Act:
Conclusion
So why this act is important to the insurance industry?
Besides making laws more severe, Legislation has also come up with a list for
management that should be implemented so that companies are better suited to combat
the possibility of being scammed. That list includes:
Understanding that fraud does exist and that there is a high possibility for it
happening.
Learn to deal with the economic side of business. That means putting procedures
and policies in place to catch and deal with individuals trying to commit fraud. [47]