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Reinsurance – case study 24 A group of persons with interests in home construction effected a payment in favour of construction company A under contracts connected with their participation in investment construction (at cost price).
Insurance company P accepted possible financial risks to these contracts under a contract of financial risks insurance and received an insurance premium.
Three months following this transaction, the investigation showed that the drug dealer cashed in his policy.
Reinsurance – case study 23 An insurer in Country A sought reinsurance with a reputable reinsurance company in Country B for its directors and officers cover of an investment firm in Country A.
Under subrogation rights, the insurance company took legal action against all businesses where the alleged accidents had occurred.
The businesses involved (restaurants, clubs etc.) responded that they had not been aware of the alleged accidents and that no such accidents had occurred at the times stated.
The policy was put in place and the relevant payments were made by the intermediary to the local institution.
In light of this fact, the agent charged significantly higher commission.
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Collusion – case study 22 A drug trafficker purchased a life insurance policy with a value of USD 80,000.
The policy was purchased through an agent of a large life insurance company using a cashier’s cheque.
The impression is that – although drug money would be laundered by a payment received from the reinsurer – the main purpose was to create the appearance of legitimacy by using the name of a reputable reinsurer.