Tribune News Service
New Delhi, September 12
The authorities is contemplating making a Serious Fraud Investigation Office (SFIO)-like impartial agency for the insurance sector to probe circumstances of fraud. For the aim, work is in progress to convey a Bill to amend the Insurance Act, 1938, officers stated. The Serious Fraud Investigation Office probes company fraud circumstances and comes below the Ministry of Corporate Affairs.
The proposed agency, which might be named Insurance Fraud Investigation Agency, has been advisable by a working group — constituted by the Insurance Regulatory and Development Authority of India (IRDAI) and insurance councils – comprising each the regulator and the trade, the officers stated.
They stated by establishing such an agency, India would assist in controlling and stopping fraud within the insurance sector. Such organisations had been working in lots of international locations, together with the National Insurance Crime Bureau within the US, the Canadian National Insurance Crime Services and the Insurance Fraud Bureau and the Insurance Fraud Enforcement Department within the United Kingdom.
