An investigation of husband and wife life, health and variable annuity agents alleged
that they represented or aided an unauthorized insurer, National
Foundation of America (NFOA), and misrepresented NFOA's
status as tax-exempt in the sale and solicitation of
charitable term annuities to consumers.
Disposition: Licenses revoked.
Licenses will not be reinstated until all financial losses
suffered by their former clients, in association with the
sale of NFOA's insurance products, have been recouped by
those former clients, or their heirs and assigns.
An investigation of a title insurance agent alleged that the he
misappropriated escrow funds exceeding $64,000, failed to
reconcile the agency escrow account, and failed to update
business and mailing addresses with the Department.
An investigation of an individual whose license had been revoked
alleged he transacted insurance without being properly licensed and
Disposition: Permanently barred.
An investigation of a non-resident life agent alleged that he pled
guilty to securities fraud and wire fraud.
An investigation of a life and variable annuity agent alleged that he
failed to properly explain the terms and conditions of an annuity sold to a
senior customer, who did not fully understand what they were
Probation for 12 months and fined $7,000.
Case: An application
for license reinstatement was received from a surplus lines, general
lines, and life and health agent after he had been suspended and fined
$20,000. The agent completed his suspension but failed to pay the fine.
Application for license reinstatement denied; fine still due.
An investigation of a bail bond agent alleged she failed to timely
return collateral belonging to a consumer, failed to designate a primary
bail bond agent for the agency she owned and operated, failed to
maintain an office open and accessible to the public, and failed to
maintain records at the office.
An investigation of an automobile warranty salesperson alleged
aiding and abetting an unauthorized entity in the sale of vehicle
Disposition: License revoked.