The Michigan Office of Financial and Insurance Regulation (OFIR) has summarily suspended the licenses of Erickson & Associates Inc. (E & A), an Iron Mountain insurance agency, and insurance agent Edward Erickson, for misappropriating policyholder premiums.
The OFIR said its investigation found that Erickson and his agency failed to remit premium payments for various lines of insurance to the proper insurance companies between December 2010 and March 2011. OFIR’s investigation also found that Bruce Erickson, whose license was revoked by OFIR in 2010, continued to conduct business on behalf of E & A.
Northern Michigan consumers who purchased insurance from Erickson & Associates need to make sure they have proper coverage immediately, as the misappropriation of premiums may have resulted in the cancellation of policies or coverage never purchased at all.
Any consumer who purchased insurance from Erickson & Associates should contact OFIR immediately and the agency will help them determine if they need proper coverage.
Erickson’s failure to comply with OFIR’s order could result in civil and criminal penalties, the OFIR said.
OFIR has handed the results of its investigation over to the proper law enforcement agencies.
Source: Michigan OFIR
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