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Committee adopts bill broadening insurance-fraud definition to target inflated property claims
Summary
Senate Bill 24, advanced on a committee substitute by the Kentucky Senate Banking and Insurance Committee, would expand the statutory definition of an insurance fraud act to encompass statements that misrepresent the scope of property damage or repair costs associated with a claim, sponsors and witnesses told the committee.
Senate Bill 24, advanced on a committee substitute by the Kentucky Senate Banking and Insurance Committee, would expand the statutory definition of an insurance fraud act to encompass statements that misrepresent the scope of property damage or repair costs associated with a claim, sponsors and witnesses told the committee.
The change is intended to give law enforcement and regulators additional tools to investigate and prosecute fraud tied to property and casualty claims, proponents said. "Property and casualty insurance fraud is not a victimless crime," said Chris Nolan of the Insurance Institute of Kentucky. Nolan told the committee the added authority…
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