Ohio Department of Insurance Director Lee Covington signed a consent order last week fining Securian Financial Network Inc., a St. Paul, Minn.-based agency licensed in Ohio, $15,000 for engaging in insurance activity in Ohio without an insurance agency license.
Securian Financial Network agreed to the order alleging that the agency was actively selling insurance in Ohio without a license between Jan. 19, 1999, and March 9, 2000. On or about March 9, 2000, Securian Financial Network, formerly known as HomePlus Insurance Agency, obtained the required license from the State of Ohio.
During the time the agency was unlicensed and operating as HomePlus Insurance Agency, it allegedly contacted 6,480 Ohio customers, presented quotes to 4,778 customers that did not purchase insurance, and quoted and placed policies in force for 824 customers.
Under the terms of the consent order, Securian last month paid a civil forfeiture of $15,000 to the Ohio Department of Insurance.
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