A Federal criminal statute that povides criminal and civil enforcement provisions for insurance fraud committed by persons in the insurance industry. The Act also provides up to five years imprisonmen for persons convicted of “a felony involving dishonesty or breach of trust” who willfully engage in the business of insurance without written consent from the Commissioner of Insurance. Managers of Insurance entities, including insurance agencies and insurance brokerages that willfully employ or allow to work in the insurance industry a ‘prohibited person’ without such a consent can also receive a fine or up to five years imprisonment.
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