The Michigan Office of Financial and Insurance Regulation (OFIR) has ordered a Florida man who is not licensed to sell insurance in Michigan to stop all insurance related activity in that state.
The OFIR says Richard Chengerian, through an advertisement in a local newspaper, was soliciting insurance products to United Auto Workers (UAW) Local 730 employees in Grand Rapids without a proper insurance license. OFIR said it has no reason to believe that any Michigan consumer has been affected by this solicitation.
Failure to comply with OFIR’s order could subject Chengerian and to one or more of the following:
- A civil penalty of not more than $25,000 for each knowing violation, not to exceed an aggregate civil fine of $250,000.
- Complete restitution to all persons in the state damaged by the violation.
A copy of OFIR’s cease and desist order can be found at: http://www.michigan.gov/documents/dleg/Chengerian_CD.doc_304855_7.pdf.
Source: Michigan OFIR, www.michigan.gov/ofir.
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