Pennsylvania Insurance Commissioner M. Diane Koken today announced the closing of an unlicensed insurance company and the penalty and license revocation of the insurance agent responsible for its illegal arrangement.
“S.E.C.U.R.E. Insurance Co. Ltd. was operating as a pest control liability insurance entity, however, it is not licensed or authorized to do insurance business in Pennsylvania,” Commissioner Koken said. “S.E.C.U.R.E. must cease and desist from doing business in Pennsylvania, cancel all policies issued nationwide, return unearned premiums, and pay legitimate claims.”
In addition, Daniel J. Reardon, the owner of S.E.C.U.R.E. Insurance Co. Ltd. has been substantially penalized. Under the agreement, Reardon’s agent and broker licenses, and The Wyomissing Group’s (“TWG”) agency license, are revoked for 10 years. A civil penalty of $100,000 is imposed.
“Pesticide application businesses are required by the state Department of Agriculture to have liability insurance from a licensed insurer,” Commissioner Koken said. “This entity is not licensed, and pest control operators need to be aware that their own licensure may be in jeopardy if they have coverage through S.E.C.U.R.E.”
Topics Pennsylvania
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