Posted: May 2, 2012 7:30 AM by AP
BATON ROUGE, La. (AP) - Louisiana has to agree to share information with a federal network designed to cut down on insurance fraud.
The Advocate reports that the agreement covers the Treasury Department's Financial Crimes Enforcement Network and the Louisiana Department of Insurance.
State Insurance Commissioner Jim Donelon says the problem of fraudulent claims is about the same in all 50 states. Insurance industry studies have suggested that 10 percent or more of property-casualty claims are fraudulent - raising insurance rates, taxes and consumer prices.
In 2008, the Coalition Against Insurance Fraud estimated that insurance fraud costs Americans at least $80 billion annually, or nearly $950 a year per family.