In the wake of alleged industry abuses uncovered in New York, the Delaware Department of Insurance is asking more than 4,000 insurance agents and brokers whether they have been involved in similar misconduct. The department gave all resident agents and brokers in Delaware until Dec. 15 to respond to a 5-page questionnaire asking whether they have engaged in illegal practices, including steering business to favored insurance companies in exchange for improper payments. Agents selling all types of insurance–auto, disability, health, life and property–are affected by the department’s order. Michael Rich, a deputy attorney general, said agents have a duty to disclose the truth. “If they do not, and it’s later determined that they did fail to truthfully respond, the potential penalties and sanction magnify,” he added.
Topics Agencies
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