adjustercom.com
adjustercom.net
The Stockwell Firm adjustercom publishes your thoughts and ideas...
Home
News

 Features


Other Claims News
People
Forums
The Comp Examiner Directory
The Liability Adjuster Directory
Service Provider Directory
Post a Job
View Jobs
Resumes
View Resumes
Contact Us

Adjusters Friend

jobs.adjustercom.com

 

Place Your Banner Here With A Click

 

adjustercom.net - FraudFromInsideAndOutsideTheCourtroom

 


Welcome Guest! | Login | Register with adjustercom
 
 
News

News Archive

Email a Friend Email A Friend

More News

March 25, 2024
California Division of Workers' Compensation Posts Adjustments to Official Medical Fee Schedule (Physician Services / Non-Physician Practitioner Services)

March 19, 2024
Nearly half of all litigated workers' compensation claims in the Los Angeles basin are cumulative trauma claims.

March 7, 2024
California's Division of Workers' Compensation Posts Adjustment to Official Medical Fee Schedule (Ambulance Services)

March 6, 2024
Accident Claims The Life of AdminSure Claims Adjuster Alexis Wicker



International Insurance Fraud A La North Korea
By Barry Zalma - July 29, 2009

The Washington Post reported that North Korean insurance managers prepared a special gift for their Dear Leader. In Singapore, they stuffed $20 million in cash into two heavy-duty bags and sent them, via Beijing, to Pyongyang. More investigation is needed into international insurance fraud without limitation to the North Korean Government. 

It is a poorly kept secret that some investigators believe that Iran, Hamas, Hezbollah, the Palestine Liberation Organization, the IRA, Armenian Genocide groups, and people of every political stripe have supported their terrorism operations with insurance fraud including staged auto accidents, fake thefts, and other insurance fraud techniques.

The $20 million birthday present and the gratitude of its recipient were annual highlights of a sophisticated global insurance fraud that North Korea has concocted to provide its communist leadership with hard currency, according to those who managed the state insurance company in Pyongyang and worked for a year at its banking subsidiary in Singapore before defecting to South Korea.

North Korea’s international insurance claims, as well as those of other governments and illicit non-governmental organizations, have not made the news, in part because they have been cloaked in legal settlements by firms with no interest in highlighting their losses and the gullibility of insurers faced with local prosecutors and police agencies who do not want to get involved in major insurance fraud cases because they believe no one – except a rich insurance company – is being harmed.

Some details about the Korean fraud emerged in London last year when lawyers for German insurance giant Allianz Global Investors, Lloyd’s Underwriters and several other reinsurers disputed a North Korean reinsurance claim for the 2005 crash of a helicopter into a government-owned warehouse in Pyongyang. According to court documents, the companies alleged that the helicopter crash had been staged, that a North Korean court’s decision to uphold the claim had been rigged and that the North Korean government routinely used insurance fraud to raise money for the personal use of Kim Jong Il.

A British appeals court allowed the case to go forward, but as it went to trial in December, the insurance companies agreed to a settlement that amounted to a nearly complete victory for the North Koreans: The insurers retracted all allegations of fraud against Korea National Insurance Corp. (KNIC) and paid out about $58 million, or 95 percent of the North Korean claim for the crash.

Hopefully once fooled the insurance industry will avoid dealing with North Korea and other criminal or totalitarian regimes. Putting assets in the hands of a court system controlled by a dictator or megalomanic is not just poor insurance judgment, it is plain stupid.

 

 
 

 Hot Jobs


Adjuster / Examiner
Claims Examiner
Santa Ana Unified School District
Santa Ana, CA
View All Jobs

The J Morey Company

Build Your Brand

jobs.adjustercom.com

The J Morey Company


    Copyright 2024 | Privacy Policy | Feedback |  

Web site engine's code is Copyright © 2003 by PHP-Nuke. All Rights Reserved. PHP-Nuke is Free Software released under the GNU/GPL license.