The new tax reform program is not perfect, but it must be viewed in the context of a comprehensive tax reform plan. Tax reform is a continuous process, not a one-time event. As one proverb says, âTo get through the hardest journey, we need take only one step at a time, but we must keep on stepping.â
In October 2012, the MIA was granted authority to issue insurance fraud civil orders. Since 2013, the MIA has sanctioned over 104 individuals with committing insurance fraud in Maryland. Penalties totaling $371,750 have been issued and those individuals were also ordered to pay $126,411 in restitution.
1 Corporate Sector: The Association of Certified Fraud Examiners estimates the cost of fraud in U.S. organizations at 7 percent of annual revenues, or $994 billion. 2  Insurance Industry: The National Insurance Crime Bureau estimates the cost of fraud at a total of $20 billion a year.elow are a few creditable costs of fraud estimates: 1  Mortgage Industry: Cost of fraud is estimated by the FBI at more than $1 billion nationwide. 2  Health-Care: The National Health Care Anti-Fraud Association estimates the health-care industryâs cost of fraud at more than $60 billion.