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Business-owned life insurance is held by employers on the lives of their employees, and the employer is the beneficiary of these policies. Unless prohibited by state law, businesses can retain ownership of these policies regardless of whether the employment relationship has ended.
The audit market for large public companies is an oligopoly, with the largest firms auditing the vast majority of public companies and smaller firms facing significant barriers to entry into the market.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets.
Pursuant to a congressional request, GAO evaluated insurance regulatory oversight and information-sharing in the matter of a highly publicized insurance investment scam exposed in May 1999, focusing on: (1) the alleged scam; (2) the oversight and information-sharing by insurance regulators; and (3) cross-financial-sector...