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Case Notes - April 2024


Case: This case was opened when it was alleged the agent accepted the full annual premium funds for homeowner policies and the monies were deposited into the agency’s bank account and used those funds to pay the expenses of the agency. The agent then completed premium finance contracts without the knowledge, consent, or signature of the insureds for the same homeowner policy premiums. The insureds were not aware of the premium being financed because the agent listed a residence address on the financing paperwork that was not the address of the insured. The agent did make the monthly payments due on one of the financing contracts from the agency's bank account. The payments for another premium financed contract were sent from the agency’s bank, but the funds were not immediately available to cover the payments. The agency ultimately did satisfy the financing requirements.
Disposition:  A Final Order was issued suspending her the agent’s license and appointments for (8) eight months. 

Case:  The Bureau of Investigation opened an inquiry on a customer representative based on a referral from the Division of Consumer Services. The owner of an agency discovered $501.18 was debited from the agency's operating account and alleged the customer representative had misappropriated the funds to pay the initial premium for an auto policy for her boyfriend. The subject also set up an EFT account on the auto insurance application to withdraw future premiums from a former employer’s agency bank account, but the policy was cancelled before those installments were disbursed. 
Disposition: Suspended for twelve (12) months.

Case: The Bureau of Investigation opened an inquiry  on a general lines agent after the State of Georgia, Office of the Insurance Commissioner, alleged the agent failed to disclose his license revocation in Georgia on his Florida licensing application. The subject's license in Georgia was revoked for altering the garage addresses on numerous auto insurance applications, and he also manipulated dates of birth on the insurance applications to obtain competitive advantage. 

When the subject applied for an insurance license with the Department, he answered “no” to the question "Have you ever been named or involved as a party in an administrative proceeding, including FINRA sanction or arbitration proceeding regarding any professional or occupational license or registration?" which was a misrepresentation on his license application.
Disposition: Suspended for 18 months.