Question

Because of its heavily regulated nature, the insurance industry is relatively free of finance crime.

Answer 1

The correct answer is False

Despite heavy regulation, the insurance industry is still wrought by finance crime that are particularly perpetrated through the use of information communication technology. Such crimes are now a mature industry operating on principles much like those of legitimate businesses in pursuit of profit. Combating their spread is difficult as it means disrupting a business model that is operated like a legitimate business.