Oklahoma Agent Suspended

Wewoka, Okla.-based insurance agent, Julius Rice, had his license suspended following allegations that his agency did not forward insurance applications to carriers whose policies he sold to consumers. According to Oklahoma Insurance Commissioner Carroll Fisher, one insurance company for which Rice sold policies contacted the Oklahoma Insurance Department after 35 applications were received from the agency, some as many as 33 days old. The company’s guidelines specify that policy applications must be forwarded within 48 hours. In one case, Rice’s agency issued a security verification card to a client on May 10, but the client found she had no insurance after she was involved in an accident May 23. After the matter was reported to state regulators, it was discovered that a number of Rice’s clients hold security verification cards issued by his agency but have no insurance. In addition, Rice has allegedly allowed two employees at his agency to work without licenses. Rice may not conduct any business, including selling insurance or accepting payment for policies already issued, while the suspension is in effect. He has until August 2 to request a hearing on the issue.

Topics Agencies Oklahoma