The U.S. Department of Justice (DOJ) announced March 23 that Fireman's Fund Insurance Company has agreed to pay $44 million to settle allegations under the federal False Claims Act that it knowingly issued insurance policies that were ineligible under the U.S. Department of Agriculture's (USDA) federal crop insurance program and falsified documents. Fireman's Fund, an Allianz SE subsidiary headquartered in Novato, Calif., provides personal and commercial property insurance throughout the United States.
"Federal crop insurance provides vital support for farmers suffering crop losses due to natural disasters," said Acting Assistant Attorney General Benjamin C. Mizer of DOJ's Civil Division. "The Department of Justice will continue aggressively to pursue those who abuse this important program."
Between 1999 and 2002, Fireman's Fund operated a crop insurance business and participated in the federal crop insurance program. Under the program, Fireman's Fund sold and serviced crop insurance policies that were reinsured by the USDA for a portion of the risks.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
