As the economy continues to correct itself, the ripple effect has helped drive a record number of insurance fraud notifications to the Virginia State Police Insurance Fraud Program (IFP).
When Stephen Perry came to the District of Columbia Department of Insurance, Securities and Banking in 2000, its fraud division saw five referrals all year, and none reached a courtroom.
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.