One year after Superstorm Sandy struck the state, New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski is cautioning consumers to remain vigilant about insurance fraud.
"Each year, insurance fraud costs companies tens of billions of dollars," said Commissioner Kobylowski. "Ultimately, this costs consumers in the form of higher premiums. Understanding, identifying, and reporting insurance fraud can help reduce insurance premiums for everyone."
New Jersey regulations define insurance fraud as the knowing misrepresentation of, or failure to disclose, any material fact that impacts the handling of an insurance claim or the underwriting of an insurance risk. Changing facts of a claim or risk to increase a claims payment or lower an insurance premium constitutes insurance fraud and should be reported when observed, Commissioner Kobylowski said.
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