(OHIO) - This week marks International Fraud Awareness Week and the Insurance Department of Ohio is asking for help to report Insurance Fraud.
More than $40 billion worth of insurance fraud occurs each year increasing the cost of insurance around $700 annually for families, according to several reports.
As the state’s insurance regulator, the department investigates allegations of insurance fraud and assists in the prosecution of crimes relating to the business of insurance. Insurance fraud is the intentional submission of a false or deceptive statement to an insurance company for financial gain.
During the department’s past fiscal year, the department received 7,980 allegations of agent misconduct and insurance fraud from insurance companies, consumers, government agencies, and law enforcement entities. As the result, the department opened 777 administrative and criminal investigations, identified 142 potential law violations, and took administrative and/or criminal action against 103 individuals. Several cases involved millions of dollars.
Reporting insurance fraud can be anonymous, and the law protects those who report it from civil liability in the absence of fraud or bad faith. Call 1-800-686-1527 and visit www.insurance.ohio.gov to report insurance fraud to the Ohio Department of Insurance.
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