Michigan’s Department of Insurance and Financial Services (DIFS) has ordered a Detroit-area auto dealer to stop selling insurance without a license.
The DIFS issued a cease and desist order against Monaco Motors Ltd., Camillo Anthony Monaco, and Darrell Lees, for unlicensed insurance activity.
A DIFS investigation uncovered multiple instances of Michigan consumers purchasing what they thought was auto no-fault insurance from Monaco Motors in conjunction with the purchase of an automobile, according to the department.
Monaco Motors acted as an unlicensed insurance agent, providing incorrect or misleading advice, insufficient or non-existent no-fault coverage, or simply failing to pay for the necessary policies and ultimately leaving the consumers without insurance. More than 25 Michigan consumers have found themselves without the required coverage or even the ability to register their newly purchased vehicles with the state, the DIFS said.
DIFS has handed the results of its investigation over to the proper law enforcement agencies.
A copy of DIFS’ cease and desist order can be found at: http://www.michigan.gov/documents/difs/Monaco_CD_EC_11735_SB_Inv_417122_7.pdf
Source: Michigan DIFS
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