Iowa Insurance Commissioner Doug Ommen recently issued an enforcement order against Gary D. Marcum formerly of Clive, Iowa, and now a resident of Kodak, Tennessee. The enforcement order permanently revokes Marcum’s resident insurance producer license and orders Marcum to pay $30,000 in civil penalties for violating a previous enforcement order from October 8, 2019.
In a March 24 letter, Ommen wrote that Marcum violated a cease and desist order related to 2019 charges. Marcum is prohibited from selling, soliciting, negotiating insurance, transacting any business of insurance in Iowa, and from providing business assistance to or facilitating the insurance business of any other person transacting any business of insurance in the state.
Marcum is alleged to have engaged in “various unsuitable recommendations” with at least six Iowa customers.
Marcus has been licensed in Iowa as a resident insurance producer since 2000. “Assisting Iowans with their insurance and retirement needs is an important duty and is a privilege. Despite having his insurance producer license suspended, Mr. Marcum violated the previous order on numerous occasions by continuing to transact in the business of insurance,” Ommen said. “Mr. Marcum’s actions won’t be tolerated and his insurance producer license is now permanently revoked and he will be paying a $30,000 fine for his actions.”
Source: Iowa Insurance Division
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