Bridge Insurance Group, LLC Anti-Fraud Policy
Last Updated: 10/21/2019
Who is Bridge?
Bridge Insurance Group, LLC (alias: Bridge / BIG ) is a licensed & insured, Health, Life, Fixed Annuity & Fixed Life/Viatical Settlement Brokerage, headquartered in Seminole, Florida and operates within the continental U.S. Bridge currently operates as a sole proprietorship, in lieu of newly developed staff, this document will be signed before employment within the application & reviewed annually for training purposes.
How does Bridge operate its payment structure?
Bridge is not a Life Settlement Provider or Insurance Carrier. Bridge is a Broker and get paid a commission of sales directly from Providers and Carriers, not from the client direct. Bridge does not invest or hold securities of life insurance contract and does not solicit as such.
Bridge Anti-Fraud Commitment
Bridge will uphold its integrity for the embetterment of clients, employees, contractors and affiliated entities to remain transparent in practice and do its utmost to abide by governing authorities both state and federal. Our goal is to be proactive and stay educated on growing fraud concerns, while working on internal awareness of potential fraud within our own organization. This document serves as a starting point of development, a living document to our commitment to be Fraud-free. Below outlays our guide to internal fraud investigations, practical steps to take to recognize, investigate and report fraud.
Use of Fraud Investigators Scope
This policy applies to any irregularity, and/or suspected irregularity, involving employees as well as shareholders, consultants, vendors, contractors, outside agencies doing business with employees of such agencies, and/or any other parties with a business relationship with Bridge. Any investigative activity required will be conducted without regard to the suspected wrongdoer’s length of service, position/title, or relationship to Bridge.
Recognized Governing Sources & Resources
- NAIC – Viatical Settlement Model Act
- NCOIL – Life Settlement Model Act
- State specific Insurance & Financial Regulation Authorities
What is Fraud?
We understand fraud to be; “wrongful or criminal deception intended to result in financial or personal gain & a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities. We understand fraud can be a complex issue and thus yield to observe common fraud schemes as defined by the Federal Bureau of Investigations: https://www.fbi.gov/scams-and-safety/common-fraud-schemes. Whereas, we identify the following areas as potential fraud cases within our industry as;
- Business Fraud
- Fraud Against Seniors
- Internet Fraud
- Ponzi Schemes
- Telemarketing Fraud
- Healthcare Fraud & Health Insurance Fraud
- Life / Viatical Settlement Fraud – STOLI
Life & Viatical Settlements
Procedures for detecting and investigating possible fraudulent life settlement acts:
Great care must be taken in the investigation of suspected improprieties or irregularities to avoid mistaken accusations or alerting suspected individuals that an investigation is underway. An employee who discovers or suspects fraudulent activity will contact the Bridge Management immediately. The employee or other complainant may remain anonymous. All inquiries concerning the activity under investigation from the suspected individual, his or her attorney or representative, or any other inquirer should be directed to Bridge Management. No information concerning the status of an investigation will be given out. The proper response to any inquiries is: “I am not at liberty to discuss this matter.” Under no circumstances should any reference be made to “the allegation,” “the crime,” “the fraud,” “the forgery,” “the misappropriation,” or any other specific reference.
The reporting individual should be informed of the following:
Do not contact the suspected individual in an effort to determine facts or demand restitution.
Do not discuss the case, facts, suspicions, or allegations with anyone unless specifically asked to do so by Bridge Management.
Procedures of Material Inconsistencies (medical records and insurance application)
Bridge performs the initial documentation which includes, a standard application, HIPPA consent & Life Insurance Release. We obtain a copy of the Life Insurance policy under a signed disclosure of truthful statements. Medical records are obtained through Medicare Blue Button and 3rd party verification services (Medicare.gov, MedRecordsConnect). Aside from preparing the initial documentation, it is up to the Provider to ensure the clients records are fully vetted before the sale of the policy.
Procedures for reporting possible fraudulent life settlement activities to the director:
If possible fraud is suspected, the employee must contact Bridge Director (Brandon Selfors) email@example.com with a detailed written report of any/all activities.
Anti-fraud education and training:
Every year we will conduct a 2-3hr seminar relating to Anti-Fraud prevention.
Any and all employees or contractors will report to Brandon Selfors firstname.lastname@example.org
Convicted Felony Procedure
Felonies need to be disclosed upon insurance licensure per the state’s requirement. Failure to disclose a felony resolves in immediate termination. Additionally, background checks are performed before hiring.