Insurance Fraud Prevention Act of 1994

Insurance Fraud Prevention Act of 1994 - Amends the Federal criminal code to establish penalties to be imposed upon any person engaged in the business of insurance whose activities affect commerce and who: (1) knowingly, with intent to deceive, makes a materially false statement or report or willfully and materially overvalues land, property, or security in connection with reports or documents presented to an insurance regulatory official or agency, or to any agent or examiner (official) appointed to examine the affairs of such person for the purpose of influencing in any way the actions of such official; (2) willfully embezzles or misappropriates funds or property while acting as an officer, director, agent, or employee (officer) of such person; (3) knowingly makes a false entry of material fact in any book, report, or statement of such person with intent to deceive any person about the financial condition or solvency of such business; and (4) by threats or force, corruptly influences, obstructs, or endeavors corruptly to influence or obstruct the proper administration of the law under which a proceeding (involving the business of insurance whose activities affect interstate commerce) is pending before an insurance regulatory official appointed to examine the affairs of such person.

Authorizes the Attorney General to seek civil penalties and injunctions for violations of this Act.

Sets penalties for obstructing criminal investigations with respect to the prosecution of cases of insurance fraud.