Types of fraud in insurance and remedies

FCS Deepak Pratap Singh | Last updated: 18 January 2021

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This article explores the various forms of insurance fraud, including policyholder, intermediary, and internal fraud. It details common fraudulent claims, such as hiding pre-existing conditions or submitting duplicate bills. The piece also discusses the limited legal actions currently available to insurance companies in India and the setbacks faced due to the judicial process, while highlighting relevant sections of the Indian Penal Code and the Indian Contract Act.

In this article, we discuss the legal actions which can be taken up by the insurance companies against fraudulent insurance claims. 1. What is an Insurance Fraud? The Indian Insurance Act does not contain definition for insurance fraud. Neither have any specific laws connected to insurance fraud been spelled out in the Indian Penal Code,1860(IPC). The Indian Contract Act,1872 (ICA) also doesnt have any specific laws pertaining to insurance fraud. Even though sections related to forgery or

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About the Author

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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