IWIF fraud investigations recovered $3.3 million in 2008
TOWSON,
MD—IWIF Workers’ Compensation Insurance recovered $3.3 million through its vigilant fraud investigations in 2008.
The $3.3 million includes money recovered from claimant and premium misrepresentation and fraud. The company collected $3.2 million from premium avoidance fraud and $159,000 in claimant restitution. Additionally, the company saved $45.7 million in claim reserves as a result of false or exaggerated claims. A claim reserve is money set aside by an insurer to pay future costs associated with a claim
In 2008, IWIF referred 28 individuals for prosecution or arrest due to claimant or premium fraud.
“Workers’ compensation fraud prevention, detection and prosecution are top priorities for IWIF’s Special Investigations Unit,” says Jerry Landsman, Fraud Director. “Staying vigilant and fighting fraud on all fronts helps keep premium costs down for our policyholders.”
Created in 1914, IWIF is the leading writer of workers’ compensation insurance in Maryland. It is a self-supporting insurance company that operates solely from premium and investment income.
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