§ 401. Title; legislative declaration and purpose. This article shall be known and may be cited as the “insurance frauds prevention act”. (a) The legislature finds and declares that the business of insurance directly and indirectly affects all sectors of the public, business and government. It further finds that the business of insurance, including organization […]
§ 403. Prohibitions. (a) In this article, “fraudulent insurance act” means insurance fraud as defined in section 176.05 of the penal law; and the terms “personal insurance” and “commercial insurance” shall have the same meaning ascribed to them by section 176.00 of such law. (b) For the purpose of section one hundred nine of this […]
§ 404. Procedures. (a) If the superintendent has reason to believe that a person has engaged in, or is engaging in, an act defined in section 155.05 of the penal law, with respect to personal or commercial insurance transactions, the business of life settlements, section 176.05 or section 176.40 of such law, the superintendent may […]
§ 405. Reports. (a) Any person licensed or registered pursuant to the provisions of this chapter, and any person engaged in the business of insurance or life settlement in this state who is exempted from compliance with the licensing requirements of this chapter, including the state insurance fund of this state, who has reason to […]
§ 407. Other law enforcement authority, powers and duties not affected or impaired. This article shall not: (a) Preempt the authority or relieve the duty of other law enforcement agencies to investigate and prosecute suspected violations of law. (b) Prevent or prohibit a person from voluntarily disclosing any information concerning violations of this article to […]
§ 409. Fraud prevention plans and special investigations units. (a) Every insurer writing private or commercial automobile insurance, workers’ compensation insurance, or individual, group or blanket accident and health insurance policies issued or issued for delivery in this state, except for insurers that write less than three thousand of such policies, issued or issued for […]
§ 411. Life settlements fraud prevention plans. (a) Every life settlement provider shall file with the superintendent a plan for the detection, investigation and prevention of fraudulent life settlement acts in this state and those fraudulent life settlement acts affecting life settlement contracts in this state. (1) The plan shall provide the time and manner […]
