Global Pirates: Fraud in the Offshore Insurance IndustryUPNE, 2002 - 174 Seiten In 1990, a congressional subcommittee warned of "financial knaves and buccaneers" in the insurance industry-unlicensed and largely unregulated companies that operate out of countries like Antigua and the Cayman Islands and sell hundreds of millions of dollars in worthless insurance policies to unsuspecting Americans every year. Increasingly, when a fire, car accident, or medical emergency strikes, policyholders suddenly find themselves victims of a global con game as phone calls are not returned and claim settlements fail to materialize, resulting in financial ruin if not physical harm. Robert Tillman portrays the often surreal world of the burgeoning offshore insurance industry; a world in which sophisticated white-collar criminals operate beyond the reach of government regulators to set up elaborately orchestrated scams that drain illegal profits out of the $3 trillion U.S. insurance market. He also describes how the new global economy allows these scam artists to take advantage of rapidly changing financial markets and the regulatory environments that surround them. Drawing on congressional hearings, court documents, published articles, and interviews with law enforcement officials, Tillman uses numerous case studies to illustrate degrees of insurance fraud: simply ignoring auto, medical liability, and worker compensation claims while citing NAFTA exemptions to local regulations; selling bogus policies to businesses in "redlined," low-income neighborhoods and to high-risk drivers abandoned by legitimate auto insurers; and falsifying multinational subsidiaries, assets, and even identities of company principals. He examines how "fantasy islands" are created, explores emerging connections between offshore entities and money laundering, drug cartels, and organized crime, and discusses how outlaw insurers evade prosecution by setting up complex financial networks that crisscross national boundaries. Tillman's timely analysis of this rapidly growing transnational criminal activity concludes with solid recommendations for steps that governments can take to protect their citizens from global insurance fraud. |
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accessed August Alan Teale American ance assets Association Assurance Assurance's bank Bessant bogus Brian Lamb British Virgin Islands brokers Buffo Business Insurance Caicos islands California capital Caribbean Chapter company's corporate created Dallas defrauded Department of Insurance deregulation dollars Dominion of Melchizedek Douglas McLeod economic Efforts to Combat EnenKio federal filed financial statements firm Florida fraudulent funds Ginnie Maes health insurance Ibid IC&S Indictment insurance industry insurance market insurance scams investment investors involved issued John Garamendi Kingdom of EnenKio later Legend Sports Lloyd's located MEWAS million National offices offshore insurance companies operated organized Paine Webber Panama passports pay claims percent phony policies policyholders Ponzi schemes premiums promissory notes purchased regulators regulatory reinsurance Ruedlinger schemes Schonacher Senate Committee small businesses sold surety bonds surplus lines tax havens Teale's Texas Turks and Caicos Unicover United victims Victoria Wagman white-collar criminals World worthless Yorke-Wade
Verweise auf dieses Buch
Insurance as Governance Richard V. Ericson,Aaron Doyle,Dean Barry,Diana Ericson Eingeschränkte Leseprobe - 2003 |