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Insurance Regulation: Scandal Highlights Need for States to Strengthen Regulatory Oversight

T-GGD-00-209 Published: Sep 19, 2000. Publicly Released: Sep 19, 2000.
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Highlights

Pursuant to a congressional request, GAO discussed the details of Martin Frankel's insurance scandal, focusing on: (1) how the scam happened; (2) the regulatory weaknesses exposed by this scam; and (3) the crucial importance of regulatory information sharing.

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Topics

Business Regulation and Consumer Protection
Embezzlementstate relationsFraudInsurance companiesInsurance regulationInteragency relationsInternal controlsRegulatory agenciesSecuritiesLife insurance