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Reinsurance – case study 24 A group of persons with interests in home construction effected a payment in favour of construction company A under contracts connected with their participation in investment construction (at cost price).Insurance company P accepted possible financial risks to these contracts under a contract of financial risks insurance and received an insurance premium.By way of fictitious service contracts and commission payments made under an agency contract, insurance company X channelled the funds to several off-shore shell firms. Beneficiaries of the actual profit, being withdrawn abroad, were owners and directors of the construction company A. Data before this date will not be available on this page.At Travelounge we pride ourselves on delivering a premium service.The insurer was prepared to pay four times the market rate for this reinsurance cover.This raised the suspicion of the reinsurer which contacted law enforcement agencies.
Reinsurance – case study 23 An insurer in Country A sought reinsurance with a reputable reinsurance company in Country B for its directors and officers cover of an investment firm in Country A.The investigation showed that the client had made it known that the funds used to finance the policy were the proceeds of drug trafficking.In light of this fact, the agent charged significantly higher commission.The World Trade Press has implemented a new reporting system.The new system will be logging data from 7/4/2016 forward.