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submitted a fraudulent insurance claim to Omni Insurance Company on Oct. 11, 2012, in an attempt to obtain payment for injuries he allegedly sustained in a motor vehicle accident. Monroe was arrested June 6 in Cumberland County and was placed under a $25,000 secured bond.

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he South Carolina Department of Insurance is pleased to announce the appointment of Kendall R. Buchanan as the Deputy Director of the Market Services Division. The new Market Services Division will consist of the Offices of Consumer Services, Market Analysis and Product Regulation. Kendall graduated summa cum laude from the University of South Carolina with dual degrees in Finance and Insurance and Risk Management in 2006. She comes to the Department from Richardson and Ritchie, a government relations consulting firm in Columbia, South Carolina. She has business and insurance regulatory experience having worked as the Legislative Liaison for the South Carolina Department of Insurance. Kendall succeeds James Byrd who retired from the Department in February after more than 30 years of distinguished service. The Department is pleased to welcome Kendall.

A

federal court in Orlando, Fla., permanently barred Carlos A. Cabrera from preparing federal tax returns for others, the Justice Department announced today. The permanent injunction order was signed by Judge Charlene E. Honeywell of the U.S. District Court for the Middle District of Florida. Cabrera, whose business was in Kissimmee, Fla., consented to the permanent injunction order without admitting the allegations against him. The government complaint in www.underwritersinsider.com

the civil injunction action alleged that Cabrera and his business— Cabrera Financial Group—prepared federal income tax returns for customers that claimed improper losses for non-existent businesses and fabricated education credits in order to unlawfully understate customers’ tax liabilities. According to the complaint, Cabrera prepared over 17,000 tax returns for 2009 and 2010, with an average tax understatement of $4,222 per return for returns the Internal Revenue Service examined. The government suit alleged that the total losses to the Treasury Department from Cabrera’s misconduct could be tens of millions of dollars for those two years alone.

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ccording to a recent report from PEW Research: “An overwhelming share of America’s lesbian, gay, bisexual and transgender adults say society has become more accepting of them in the past decade and just as many expect it to grow even more accepting in the decade ahead. At the same time, however, about half say there is a lot of discrimination against LGBT adults and just 19% say there is a lot of acceptance of LGBT adults today.”

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ased on a study of 10,000 U.S consumers, USAA has earned the most trust from its customers. In the third annual Temkin Trust Ratings of 246 companies across 19 industries, two of USAA’s business areas —insurance and banking— topped the list of companies. USAA’s credit card business was also ranked sixth. The other companies in the top 10 of the ratings are credit unions, Publix, H.E.B., Amazon.com, Trader Joe’s, Charles Schwab, and Sam’s Club. Not all companies have earned their customers’ trust. HSBC earned two of the bottom three spots for its credit card and banking businesses. TV service providers and Internet service

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providers dominate the bottom of the ratings, collectively taking 10 of the bottom 15 spots. The other companies in the bottom 15 are US Airways, CareFirst, and T-Mobile.

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n early July, Stephen Zielezienski, AIA senior vice president and general counsel, issued the following statement on the Federal Reserve Board’s final Basel III capital rule: “During the public comment period, AIA urged the Federal Reserve Board to not apply bank-centric rules to the insurance industry. We are pleased that the Board’s final rule provides a temporary exemption for savings and loan holding companies that derive more than 25 percent of their total consolidated assets from insurance underwriting activities. We hope that, as the Board further reviews its action, it will make this exemption permanent so that companies that are actively engaged in the business of insurance and subject to Board supervision will not be forced to adopt an inappropriate capital framework that could weaken their ability to compete.”

A

ccording to a recent report in Business Insurance, “Legislation introduced in the House of Representatives last week would exempt thousands of small employers from a key health care reform law provision that will require employers to offer coverage or pay a stiff fine. Under the Patient Protection and Affordable Care Act, effective in 2014, employers with 50 or more fulltime employees will have to provide qualified coverage or pay a $2,000 penalty for each full-time employee, minus the first 30 employees. Under H.R. 2577, introduced last week by Rep. Luke Messer, R-Ind., that requirement to either offer coverage or pay a financial penalty would only apply to employers with at least 100 full-time employees.” [MORE] 19

Profile for The Underwriter's Insider

The Underwriter's Insider July 2013  

America's Largest Exclusively Online Insurance Magazine! Stay informed and entertained with the Insider's coverage of insurance, politics,...

The Underwriter's Insider July 2013  

America's Largest Exclusively Online Insurance Magazine! Stay informed and entertained with the Insider's coverage of insurance, politics,...

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