A Thibodaux, La., insurance agent and his agency have been issued a cease and desist order, summary suspension of licenses and fine notice for 12 counts of alleged misappropriation of premiums, the Louisiana Department of Insurance reported.
Robert Joseph Boudreaux and B&M Insurance Agency were served on Sept. 4 with an order to cease and desist from engaging in the business of insurance, a summary suspension notice and a $5,500 fine notice.
Boudreaux is alleged to have collected $6,820.73 in premiums from 11 insurance consumers, which he did not remit to the insurance companies.
Department records show that Boudreaux was issued a Life, Accident and Health license in August 1987, and a Vehicle Physical Damage and Property and Casualty license in September 2000. His agency, B&M Insurance Agency, was issued a Vehicle Physical Damage and Property and Casualty license in May 2001.
All of Boudreax’s licenses were suspended on Sept. 4 and will be permanently revoked in 30 days from that time unless the department receives a hearing request.
Source: Louisiana Department of Insurance