An Iowa insurance agent has been ordered to pay $18,000 in civil penalties and relinquish her producer’s license over fraudulent and dishonest business practices, regulators say.
The Iowa Insurance Division cited Brenda Murray of Garnavillo, Iowa, for fraudulent and dishonest practices, incompetency, recommending unsuitable products, and committing twisting. She had been a licensed agent in Iowa since 2004.
According to the division’s order, Murray is employed by The Insurance Center, based in Onalaska, Wis., and sells insurance in Iowa, Minnesota and Wisconsin. She is appointed with National Guardian Life Insurance Co.
The IID reported that in various instances, Murray either misrepresented the benefits, terms, and disadvantages of certain insurance policies to elderly consumers. Murray also made misrepresentations to insurance carriers, including falsely identifying herself as the consumer.
Murray advised clients to make transactions that were not suitable for the elderly consumers and were not in line with their insurance and financial goals. Unfortunately, consumers relied upon Murray’s recommendations and familiarity as a local insurance producer to provide them with sound advice.
“As part of the investigation into this complaint filed against Murray, the Iowa Insurance Division was able to work with the insurance carriers to reverse the unsuitable insurance transaction which fortunately minimized the financial impact to the consumers,” Chance McElhaney, Iowa Insurance Division Communications Director said in a statement.
Source: Iowa Insurance Division
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