Ohio Department of Insurance Director Mary Jo Hudson has accepted the surrender of the resident insurance agent license of John Elder of Lancaster, Ohio, for alleged violations of Ohio insurance law.
The department said an investigation revealed that Elder allegedly misappropriated $28,000 of insurance premium funds. Also, Elder allegedly took personal loans against client life insurance policies and continued insurance policies clients requested to cancel so he could continue receiving commission payments.
While Elder neither admits nor denies the above allegations are true and accurate, he has agreed to the permanent surrender of his resident insurance license. Director Hudson accepted the surrender of Elder’s resident insurance license effective Sept. 9, 2010.
Source: Ohio Department of Insurance
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