An Iowa insurance agent has had his license suspended and has been ordered to cease and desist conducting insurance business in the state, regulators say.
The Iowa Insurance Division said in addition, Oscar Sanchez of West Des Moines, is banned from having contact with any current or former insurance clients and from soliciting or accepting funds from any current or former insurance clients.
According to an emergency order signed by Iowa Insurance Commissioner Doug Ommen, Sanchez “requested and collected cash payments from consumers, telling the consumers that the cash payments were for payment of their insurance premiums.”
In addition, the order alleges that Sanchez “received cash payments from insurance consumers knowing the payments received were not for payment of premium but were collected for [his] personal use.”
Sanchez is accused of committing multiple violations of Iowa law and is “facing multiple felony criminal charges based on acts of deception and theft,” the order states.
Sanchez’s current insurance clients are encouraged to contact their insurance company directly with questions regarding their specific insurance coverage or payment options.
Source: Iowa Insurance Division
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