Establishes the "FRAUD Act" to combat fraudulent insurance claims, particularly staged construction site accidents and auto collisions, with enhanced.

The "FRAUD Act" aims to address fraudulent insurance claims by establishing specific crimes for staging construction site accidents and auto collisions for insurance fraud. It introduces enhanced penalties, including restitution to insurers, civil penalties, and exclusion from state-regulated insurance benefits. The act also mandates insurers to report suspected fraud to law enforcement and requires the superintendent of financial services to implement regulations within 180 days.

Establishes the "FRAUD Act" to combat fraudulent insurance claims, particularly staged construction site accidents and auto collisions, with enhanced.

The "FRAUD Act" aims to address fraudulent insurance claims by establishing specific crimes for staging construction site accidents and auto collisions for insurance fraud. It introduces enhanced penalties, including restitution to insurers, civil penalties, and exclusion from state-regulated insurance benefits. The act also mandates insurers to report suspected fraud to law enforcement and requires the superintendent of financial services to implement regulations within 180 days.