If an insured party is believed to have provided false or unsatisfactory information which he knows or should know will result in the payment of benefits to which he is not entitled, the notification is referred to the CEO and legal professional of the Iceland Catastrophe Insurance (ICI) for further inspection. The CEO and legal professional assess if there are grounds for the ICI to claim that it is wholly or partly absolved of liability, based on Article 31 of the Act on Insurance Contracts. If the CEO and legal professional determine that the ICI shall be wholly or partly absolved of liability, the insured party shall be informed by letter of the intent to invoke the provisions of paragraph 2 of Article 47 of the Act on Insurance Contracts. A time period of 20 days is granted for submission of objections.
The ICI shall reach a decision regarding the case, wherein the insured party is informed about his prerogative to file a complaint with the Board of Directors of the ICI. The CEO and legal professional shall decide whether to report the matter to the police.
Notifications regarding alleged insurance fraud shall be submitted to the e-mail address email@example.com. Notifications shall be reasoned and presented under the name of the notifying party.