A former Nevada insurance agent pleaded guilty to insurance fraud and could face up to four years in prison for writing fake insurance policies for friends and relatives without their knowledge.
The Nevada attorney general’s insurance fraud unit says while losses from a state insurance agent accused of submitting fraudulent policies is small, the cost to insurers and his alleged victims is big.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.