main menu page title feature menus content footer
My Florida C F O

CFO's Initiatives

Stay Connected

Follow the
Department of
Financial Services

Sign up for the CFO's
weekly newsletter!

Press Release

News   RSS RSS   Press Office   Archive

Gallagher Revokes License of Agent Who Stole Premiums from a Nursing Home and Other Businesses

9/12/2006

CONTACT: Tami Torres or Nina Banister
                 (850) 413-2842
      
TALLAHASSEE—Tom Gallagher, Florida's chief financial officer, has revoked the license of an Altamonte Springs insurance agent who stole more than $300,000 in premiums from a nursing home and various other businesses throughout central and southwest Florida.
Brian Alan King, 58, served as an officer and director of Florida Corporate Insurers, Inc., located at 225 South Westmonte Dr. in Altamonte Springs.  An investigation by the Department of Financial Services' Division of Agent and Agency Services, Bureau of Investigation, determined that King misappropriated the money from July 2005 through April 2006.  The agency closed in June 2006. 
 
"Any agent who puts his clients at risk for his own personal gain should be banned from working in this industry," said Gallagher, who oversees the Department of Financial Services.  "I commend the investigators who worked quickly to protect these businesses from further harm.  We will continue to aggressively pursue anyone who tries to take advantage of our citizens."
 
King failed to forward premium funds to the appropriate insurance companies, which created a lapse in insurance coverage. The department worked with the various insurance carriers involved to get the policies reinstated.
 
"We are relieved that we were able to get coverage for those victimized by this agent," Gallagher said.
 
Anyone who believes they may also be a victim of this scam is urged to call the Department of Financial Services' Consumer Assistance Hotline at 1-800-342-2762.
 
The department's Division of Agent & Agency Services, Bureau of Investigation, investigates various forms of insurance agent violations concerning health, life, auto property, workers compensation, bail bonds and title insurance.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Tom Gallagher oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. Gallagher also serves as the State Fire Marshal.