The Iowa Insurance Division has ordered Hole in Won LLC, Kevin Kolenda, Hole In Won.com, Hole in Won.com Worldwide, Golf Marketing Worldwide, Compliance HIW, and Amanda Penrose (respondents) to cease and desist acting as an insurer or insurance producer in Iowa without a license.
The respondents were also ordered to pay civil penalties in the amount of $35,000, restitution in the amount of $2,930, and costs of investigation totaling $3,415.
In various instances, the respondents offered and sold prize indemnity insurance to cover events such as basketball, fishing, and golf contests. The respondents were not licensed to sell insurance products in Iowa, nor were the prize insurance products submitted to the Iowa Insurance Division for approval.
The respondents failed to pay legitimate claims, timely respond to policyholder questions, and adhere to cease and desist orders issued in other states.
Iowa insurance regulators said Kolenda has been convicted of felonies in Connecticut and Washington for similar behavior and he, along with other respondents, has been subject to administrative actions by state insurance regulators in Connecticut, North Carolina, Washington, Massachusetts, Oregon, Nevada, Virginia, Minnesota, California, and Arkansas.
Source: Iowa Insurance Division
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