Sting operation unveils Insurance fraud

Beaumont, USA: KFDM news reported, The Beaumont police has arrested a 26 year old motel general manager for attempting to bribe and fraud a insurance company.

The man is supposed to be from India and is in the U.S. on a green card. He was arrested on Thursday, Oct 11 on accusation of Insurance Fraud, a 2nd Degree Felony.

Detectives say the man is part owner and general manager of the Travelodge at I-10 and College in Beaumont. Police say he was attempting to bribe an insurance adjuster for Nationwide Insurance Mutual Insurance company .

Investigators say the man is accused of offering the adjuster $20,000 cash in exchange for a $125,000 insurance claim check on a loss of $18,000 from Hurricane Humberto.

Detectives, in cooperation with Nationwide Insurance and the National Insurance Crime Bureau, organized an operation in which the exchange would be made using an undercover officer. The officer met with the man and received $20,000 cash. The man was arrested and taken to the Jefferson County Correctional Center.

DnB NOR to start Non-Life insurance company, open office in India

Norway's biggest banking group DnB NOR announced on Tuesday that it would establish a new Non-Life Insurance company by the end of 2008.

The company also said in a statement at the beginning of a capital markets day event for investors in London that it would open three new international offices, in Chile, Greece and India.

DnB NOR said it had "an ambition to capture a considerable share of the retail non-life insurance market."

DnB NOR wishes to offer customers a full range of financial services. The establishment of our own non-life insurance company will enable us to tailor products to the retail segment. We will take advantage of our extensive distribution power to gain a considerable share of this market," says Åsmund Skår, group executive vice president, DnB NOR Retail Banking.

Since 1999, DnB NOR has offered its customers non-life insurance through Vital Skade. The current portfolio with NOK 700 million in premium income will be incorporated in the new company.

"We have extensive experience within non-life insurance, and DnB NOR is at the forefront in the electronic distribution of insurance products through the Internet bank. This ensures very cost-effective operations. Today, 5.8 per cent of our 800 000 Internet banking customers have bought non-life insurance policies. We aim to increase this share to 30 per cent," says Åsmund Skår.

DnB NOR will market non-life insurance in all distribution channels: branch offices, the telephone bank, the Internet bank, the mobile bank and real estate brokerages.

Source: Agencies

IRM launches International Diploma in Risk Management

LONDON: The London-based Institute of Risk Management has revealed a new International Diploma in Risk Management. The diploma is the IRM's postgraduate level distance learning qualification and has been redesigned in order to take into account a much broader view of risk and risk management, the IRM said.

Steve Fowler, chief executive officer of the IRM, explained that the IRM views risk management as a multi-faceted, integrated, enterprise-wide, holistic tool.

"If you are teaching risk management, then you need to teach a balanced view of risk management, including the upside as well as the downside of risk," he said.

The new diploma is post-graduate level, but a degree is not required—entry requirements are a degree or a certain level of experience—about three years' or more risk management experience at a senior level.

Mr. Fowler said that features of the new course include a broad range of options with an enterprise-wide approach, international applicability and availability, improved student support, and flexible distance learning so that students can progress at their own pace.

He estimated that the diploma should involve about four years' part-time study, with a minimum of two years' and an upper limit of eight years' study involved. It would cost around £4,000 ($8,000) over four years, Mr. Fowler said.

Risk Managers AT FERMA help ACE raise $40,000 for Red Cross HIV/ AIDS educational programme in India.

Geneva: European Risk Managers attending the FERMA (Federation of European Risk Managers) Congress in Geneva have helped ACE European Group (ACE) to raise over $40,000 (EUR 30,000) for a Red Cross HIV/ AIDS educational programme in India.

ACE Foundation- International contributed EUR 200 for each Risk Manager who attended ACE's charity reception at the Red Cross museum in Geneva on 1st October. The full contribution will support the Red Cross's life saving work increasing awareness of HIV/AIDS among young people in India's Northern State of Utter Pradesh.


Andrew Kendrick, Chairman and Chief Executive Officer, ACE European Group said: "I would like to extend our heartfelt thanks to every risk manager who attended last night's event, enabling us to make this substantial contribution to the Red Cross's valuable work. Funding for this project is a priority for the Red Cross so every Euro
raised will contribute directly to saving lives."


The Red Cross HIV/AIDS education in India programme

Official statistic for India show that it has the highest number of people living with HIV and AIDS at 5.7 million (UNAIDS 2006). The disease is rapidly growing across the sub continent and young people are especially at risk, with over one-third of those infected aged between 15 and 24 years old.

The HIV and AIDS education in India project aims to increase knowledge and awareness of the virus among young people through the proven 'youth peer education' approach. This is where young people are recruited from schools and colleges for training at Red Cross workshops. They will then hold educational sessions in schools, clubs, colleges and other places where young people are present. This type of peer education has proved extremely effective in helping to increase knowledge, change behaviour, lessen risks of infection and counter discrimination.

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries.

ACE supports community activities around the world through its company-sponsored volunteer initiatives, with the aim of making positive contributions towards the society.

Source: Media Point