October 29, 2004
In addition to conducting its own comprehensive investigation, the Division is participating in a national investigative effort being coordinated by the National Association of Insurance Commissioners' (NAIC).
"Alaska's insurance industry is competitive and well-regulated," said Director Hall. "However, when potential illegal activities in the industry come to light, the scope of which may extend across state lines, we need to move quickly to protect Alaska's businesses and consumers."
Bid rigging involves the improper steering of contracts to predetermined winners. The process may include the use of inflated or fictitious bids or prices for insurance, thereby preventing a fair and competitive bid process.
Any Alaska business and consumer who suspects fraud or illegal insurance activities are encouraged to contact the Division of Insurance at (907) 269-7900.
The Alaska Division of Insurance
is committed to providing consumers fair but vigilant regulation
while promoting a competitive environment for insurers. The Department
regulates and licenses insurance companies, agents and brokers,
and insurance agencies and monitors the financial solvency of
the insurance industry in Alaska.
Source of News Release: