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Brazil: Chubb subsidiary faces allegations of fraud

March 4, 2014 - 6:00am

Chubb Group of Insurance Cos.' subsidiary in Brazil has dismissed allegations by the federal prosecutor's office in São Paulo that the company resorted to unethical practices to boost profits, reports BNamericas.

A complaint filed on the office's website says that Chubb do Brasil Companhia de Seguros S.A. adopted a policy "to deny indemnity insurance to increase company profits."

The complaint also says that the insurer's board "decided to create a sophisticated criminal scheme in which commissions were paid through the creation of fictitious claims."

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