New special investigative unit regulations have been implemented in California for insurance carriers licensed to conduct business.
The regulations, a result of a collaborative effort between the California Department of Insurance and members of the insurance industry, include revised definitions, continuous SIU operation requirements, additional training procedures, stricter communication requirements, and clarification of when to refer cases of suspected insurance fraud.
Additionally, language that implements penalty statutes, which were approved earlier this year, has been included. Insurers can be fined up to $55,000 and have their licenses suspended or revoked for each act that violates a regulation.
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