I will first provide a brief discussion relating to the insurance industry and FBI CHRI checks. Background Let me discuss the financial impact the insurance industry has on the economic security of the United States and its citizens. By comparison, this is almost double the security industry's contribution of 1.3 percent and closer to the banking industry's 3.3 percent. Financial interests by the insurance industry are enormous. This percentage is the largest of any financial sector except mutual funds, which hold 16 percent.
Insurers also hold almost a third of all available corporate bonds.
Individuals engaged in insurance activities hold positions of great trust. They bear a tremendous fiduciary responsibility and have access to and control vast financial investments. Some recent FBI investigations will disclose the amount of trust placed with some of these individuals and the magnitude of fraud as a result of this trust. The National Heritage Life insurance company was the largest insurance company failure in U.S. history. The most egregious crimes were committed by Shaolom Weiss and Keith Pound, who were recently sentenced to 845 and 700 years respectively.