Monday, 25 November 2013 19:05

MA DOI Announces Actions Against Insurance Producers

The Massachusetts Division of Insurance recently published a list of enforcemtent actions taken against producer licensees for the 2013 third quarter. The DOI’s special investigations unit examined a number of alleged violations and reached settlements in nine cases and levied fines totaling $11,750. The following are individual allegations and the settlement results.
• Four producers were investigated for alleged misrepresentations on license applications. Individual fine amounts ranged from $250 to $1,000.
• One case was investigated for an alleged misrepresentation in the sale of insurance, resulting in a settlement agreement with regulators and a $5,000 fine.
• Two cases involving allegedly placing or renewing policies while unlicensed reached settlement agreements with regulators, with one producer paying a $4,000 fine.
• One non-resident producer who was unlicensed in home state and allegedly failed to report administrative actions received a permanent license revocation.
• One case with an alleged violation of privacy regulation reached a settlement with regulators with no fine.

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