SB 460 – Increases the penalties for those who engage in fraudulant actions with respect to an insurance transaction

• Sponsor: Koster
• LR Number: 1842S.01I
• Committee: Small Business, Insurance & Industrial Relations
• Last Action: 3/2/2005 - Second Read and Referred S Small Business, Insurance & Industrial Relations Committee
• Journal Page: S338
• Effective Date: August 28, 2005

Current Bill Summary

SB 460 - Under this act, any person who employs a fraudulent scheme, makes a false statement of material fact, or engages in other fraudulent practices with respect to an insurance transaction shall be fined not more than $100,000 or imprisoned not more than 10 years, or both. A court may also order that a person convicted of insurance fraud to pay restitution.

STEPHEN WITTE