For Immediate Release
Large and pervasive problem costing Minnesota rate payers
SAINT PAUL, MN – The Coalition Against Insurance Fraud estimates that fraud costs insurance carriers and consumers $80 billion a year. That averages out to about $950 per family in the United States. On October 16, Commissioner Mike Rothman will address this problem as the keynote speaker at the Minnesota Insurance Fraud Summit.
The Insurance Fraud Summit is an event organized by the National Insurance Crime Bureau and the Insurance Federation of Minnesota. The purpose of the summit is to identify the scope of insurance fraud in Minnesota as well as identify potential solutions. Nearly 200 representatives of the insurance industry, law enforcement leaders, and other stakeholders are expected to attend.
“Insurance fraud is a crime that impacts nearly all Minnesota families,” said Commissioner Mike Rothman. “This summit is an excellent opportunity for Minnesota to focus on this large and pervasive problem. We know partnerships are critical, and our department looks forward to working alongside the law enforcement community and the insurance industry.”
The Minnesota Department of Commerce, Division of Fraud Prevention was created by the State Legislature and signed into law in 2004. The Insurance Fraud Division currently has eight licensed police detectives with extensive experience investigating white-collar fraud cases in law enforcement.
The Division of Fraud Prevention responsibilities include:
Insurance fraud occurs when people deceive an insurance company or agent to collect money to which they are not entitled. There are two types of insurance fraud, internal and external.
Internal Fraud occurs when the fraud is perpetrated against the insurance company or its policyholders by insurance agents, managers, executives or other insurance employees. Examples include:
Minnesotans that suspect someone is committing insurance fraud are encouraged to call the Fraud Tip Line at 1-888-FRAUD MN (1-888-372-8366) or visit the Insurance Fraud Division webpage. Complaints can also be sent by mail to Minnesota Department of Commerce, 85 7th Place East, Suite 500, Saint Paul, MN 55101, or by email to email@example.com.
Mike Rothman, Commerce Commissioner
Minnesota Insurance Fraud Summit
Tuesday, October 16
Minneapolis Airport Marriot
2020 American Boulevard East
Minneapolis, MN 55425