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SF insurance executives arrested

September 10, 2010 11:15AM

Two former executives of property insurer First Commercial Insurance
were arrested Wednesday on eight first-degree felony charges for
allegedly filing false or misleading financial statements for both the
company and its affiliates. The firm folded last year. The arrests of
Luis Espinosa, 60, and Rene Cambert, 55, were the product of a year-long
probe by three Department of Financial Services divisions and the
Office of Insurance Regulation. According to investigators, the two
allegedly signed and notarized documents submitted to regulators that
showed they had far more in claims-paying reserves than they had.
Regulations require home insurers to have at least $4 million in
reserves. [Sun