Former Iowa Agent Convicted of Insurance Fraud

January 23, 2019

A former Iowa insurance agent has been convicted of insurance fraud following an insurance fraud investigation by the Iowa Insurance Division’s Fraud Bureau.

The division reported that Joy Marie Heldt, age 48, of Madrid, was convicted of Fraudulent Submissions to an Insurer, a Class D Felony. Heldt is a former insurance agent in Urbandale, Iowa.

The conviction follows an investigation that began in March 2018. The investigation concluded that Heldt, while acting as an insurance agent, used the identifying information of another individual to complete an individual term life insurance application. The individual who was listed as the proposed primary insured and policy owner did not authorize Heldt to submit the application.

Heldt was granted an Iowa insurance producer license in 2015. On March 28, 2018, Iowa Insurance Commissioner ordered the permanent revocation of Heldt’s Iowa insurance license and ordered her to immediately cease and desist from engaging in the practice of insurance in Iowa as a result of her misconduct.

On Jan. 10, 2019, Heldt received a deferred judgment, two years probation, and was ordered to pay a fine of $750.00.

Source: Iowa Division of Insurance

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