This investigation began with a letter sent to LandAmerica on May 24th “requesting documents and records relating to a Colorado Insurance Department investigation of alleged illegal kickback schemes.” The letter stated the HFSC had “received additional evidence corroborating testimony regarding the alleged illegal activity.”
The investigation by the Colorado Insurance Department undertaken by the Colorado Deputy Insurance Commissioner Erin Toll alleges “the insurers paid various firms for little-needed reinsurance with policy payments to captive reinsurers that served as a method of covering what were in effect kickbacks.”
I can't believe this goes on in the USA!! Even in the UK I have never heard of kickbaks like that. I am not saying they have never happened, but not to the extent, where an outside corporation could find out.
Mark
http://www.breakdown-cover.net/breakdown-insurance.htm
Posted by: Breakdown Insurance | November 6, 2007 1:54 PM | Permalink to Comment