The Department of Consumer and Business Services (DCBS) revoked the insurance agent’s license of a Terrebonne, Ore., man, Brian B. Smith, for alleged violation of the state’s Insurance Code.
According to the DCBS, Smith was licensed as an agent from July 23, 1991, to July 31, 1996, and from Sept. 19, 1996, to July 31, 2000. On the latter date, Smith’s license expired because he did not renew it.
An investigation by the Insurance Division of DCBS found that Smith allegedly misappropriated premiums intended for a Bend woman who had purchased auto insurance through him but later canceled her policy. Dairyland Insurance Co. issued a check to Smith’s agency for the “unearned premiums” owed to the woman, but he allegedly never paid her.
It is maintained that Smith also violated state law by failing to deposit premiums into an insurance premium trust account. He agreed to the license revocation as well as to a lifetime ban from working in the insurance industry in Oregon.
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