Texas Gov. Signs Insurance Fraud Legislation

June 20, 2005

  • June 25, 2005 at 7:07 am
    Roger Poe says:
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    fraud definition — fraud is defined as a deception deliberately practiced to secure unfair or unlawful gain.

    It’s good to see insurers taking a stand against fruadulent business activity in Texas.

    As the public becomes increasingly aware as to how insurers can perpetuate (temporarily) fraudulent activity against their own customers, right under their customers collective “nose”, it should come as no surprise that the legal precedent – penalities towards others are applied to them, and their own.

    http://www.tdi.state.tx.us/commish/bulletins/b-0045-8.html

    http://www.femainfo.us/Links/Complaint.final.htm

    Roger Poe
    rogerpoe@acnet.net

  • May 26, 2008 at 2:31 am
    RONDA STERN says:
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    My mother died in June of 2004. In 1999, she had an agreement drawn up between my brother (an insurance agent) and my son stating that her 40K life policy was to be split 50/50 upon her death.

    On her death, when I asked my brother to cash the policies which had been purchased around 1978 and should have been fully funded, he told me that there was almost no cash value as the policies had “eaten themselves up”. He told me he had no idea how this had happened.
    When the paperwork arrived with the check to my son of around $2400, we noticed that my brother, the trusted insurance agent had borrowed over 30k cash value from the 2 policies and that is why there was virtually no money to be paid.
    I have been asking for several years for an explaination as well as reimbursement and my brother only laughs and tells me how dumb I am because I don’t know the laws. He told me he was the owner of the policies not my mother and in essence, tough luck.
    Well, after almost 4 years I feel strongly that not ony should he pay my son the amount of his inheritence his grandmother wanted him to have including the 4 years of interest that was to have accrued, but that I also want the Insurance Board to investigate him for possible fraud on his part for his other clients. How do I go about this withut incurring any liability on my part? My brother has never been on the up an dup in his dealings with me and this is why we have done no business with him for many years. Please advise. By the way, I hve consulted with friends we have in the insurance business and each said that I should pursue it as soon as possible as they felt this was clearly fraud.

  • July 23, 2008 at 11:25 am
    Ronda Stern says:
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    Follow up to May 26, 2006. Beware family members! My brother was able to con my mother to sign the policies over to him even though she designated her grandson (and my son) as a beneficiary for half upon her death. She paid the premiums for over 25 years never knowing my brother, her trusted son and insurance agent appointed himself the owner. At no time did he disclose this until it was too late. The insurance commission said there was nothing they could do. So pay attention to all the details when appointing executors to an estate. Demand accountability before the fact. Request all the proper documentation before rather than after it is too late! This has destroyed their relationship and my son will never respect nor trust his uncle again. Money is more important than family it seems.



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