Investigators with the North Carolina Department of Insurance searched an insurance agency and a home in Salisbury after reports that insurance premiums had not been used to secure policies.
“The N.C. Department of Insurance has received several consumer complaints regarding this company and is currently investigating this case,” reads a statement from the DOI.
The office cannot release further information at this time.
Local news sites reported that investigators executed search warrants for the William L. Broadway Insurance Agency and for a house linked to a principal with the agency.
The National Association of Insurance Commissioners’ agent verification site shows no listing for the William L. Broadway agency. But the property and liability license for Jewell K. Broadway of Salisbury, initially issued in 2007, was suspended Aug. 15. A broker’s license was cancelled in 2022.
Progressive Insurance terminated the agency’s contract in June after records showed the agency had received 31 payments but had not applied the funds toward insurance policies, the Salisbury Post reported. National General Insurance found 10 similar examples.
The agency principals could not be reached Monday. The business has now closed its doors, although one person associated with the agency posted on social media that the investigation was a hoax and a scam, the newspaper noted.
Was this article valuable?
Here are more articles you may enjoy.
Insurtech Looks to ‘Redefine’ Insurance With Autonomous AI Agents by 2026 
20 Years After Katrina, Hurricane Risks to Gulf Coast Rising, Scientist Warns 
Markel Insurance Completes Sale of Reinsurance Renewal Rights to Nationwide 
