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FBI Targets Insurers in Widening Fraud Probe; Industry Responds

National News • May 5, 2005
The insurance industry, already under scrutiny by state and federal authorities for various practices, now faces another questioner. The Federal Bureau of Investigation has launched a probe of the ...

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Subject: RE: FBI Investigates Insurance Industry Fraud

Posted On: May 5, 2005, 1:00 pm CDT
Posted By: Jack Webb
Comment:
The comment above, that the FBI doesn't have adequate knowledge of insurance industry accounting principles, is naiive at least. The FBI has numerous forensic accountants with vast experience in all types of businesses. So, why would you assume they don't have any knowledge of insurance accounting practices simply because it uses SAP rather than GAAP for regulatory oversight accounting?

Further, FBI forensic accountants have numerous techniques, unknown to insurance accounting pros, which may be beneficial in detecting the discrepancies and corruption much more efficiently than employing state regulatory authority audit techniques.
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