FOR IMMEDIATE RELEASE
NAIC Reports to Congress on Antifraud Efforts
Oklahoma Insurance Commissioner Doak highlights national efforts to fight insurance fraud
WASHINGTON (Aug. 3, 2017) — John Doak, Oklahoma Insurance Commissioner, testified before Congress today on behalf of the National Association of Insurance Commissioners (NAIC) about trends in insurance fraud. The hearing, Insurance Fraud in America: Current Issues Facing Industry and Consumers, was held by the U.S. Senate Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security.
"With consumers and businesses spending over $2 trillion on insurance per year, tempting windows of opportunity are created for criminals," testified Doak, who chairs the NAIC’s Antifraud Task Force. "We continue to adapt strategies that prevent and detect fraud in order to protect consumers and maintain insurers’ financial health."
The NAIC’s Antifraud Task Force is working to improve the exchange of information among insurance regulators, law enforcement officials, insurers and antifraud organizations. The task force is developing uniform insurance fraud referral requirements for insurers to submit suspected insurance fraud data. The NAIC continues to develop and update seminars, trainings and webinars for regulators to identify and combat fraud.
“The cost of insurance fraud is passed on to all of us as insurance consumers, so fighting it is one of the highest priorities of state insurance regulators,” Doak testified. “We work with insurers and their special investigation units to investigate suspected fraud and ensure companies are complying with state fraud prevention statutes.”