The 28-year-old woman contacted officers recently to report a burglary at her home at Recreation Grove, claiming that offenders smashed a window to enter the house before stealing jewellery, a Nintendo Wii and other items. It was later discovered that the window had in fact been smashed weeks previously, and on speaking to the woman she admitted to making a false report so she could claim money for the items from on her home insurance policy. Detective Inspector Tim Hunt said: “Making a false report can have serious consequences, and not...  Lire la suite

Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion Ponzi scheme, is suing Lloyd’s of London for defense costs. Lloyd’s had advanced some legal fees under a directors and officers policy. But the insurer sent a letter on Nov. 16 declining to extend coverage for beyond Aug. 27, according to the complaint filed in federal court in Houston on Friday. The insurer has declined to provide additional funds, the lawsuit said, because claims resulting from fraud and money laundering are excluded from coverage. Laura...  Lire la suite

The manager of Aviva York John Taylor, 35, and former police officer Stephen Spellacy, 36, were jailed at Leeds Crown Court for defrauding the insurer of £1.4m, according to the York Evening Post. John Taylor, an operations manager at Aviva in York, was jailed for five years after pleading guilty to conspiring to defraud the insurance company and conspiracy to launder the proceeds, the Telegraph reports. The police officer was jailed for eight year for money laundering and five other men were also jailed today for their parts in the conspiracy...  Lire la suite

Spain’s competition regulator Thursday fined six insurance and reinsurance companies a record 120.7 million euros (179 million dollars) for alleged price-fixing in the construction sector. The National Competition Commission said Spain’s Asefa, which specialises in construction insurance, received the heaviest fine of 27.76 million euros. Swiss Re, one of the world’s biggest reinsurers, was ordered to pay 22.64 million, Spain’s Mapfre 21.63 million and France’s Scor 18.59 million, Germany’s Munich Re 15.86 million...  Lire la suite

Swinton has responded to the Financial Services Authority’s announcement today of a fine of £770,000 in relation to sales of low cost Payment Protection Insurance policies. Swinton takes the matter very seriously and will be contacting all customers concerned. The company apologises to any customer affected, and has set up a dedicated unit to deal with the PPI cases. The company takes the view that the simple, low-cost PPI product it sold, (which cost £15 or £20), was different to that more commonly sold for many hundreds or even thousands...  Lire la suite