The Oregon Department of Consumer and Business Services has revoked the insurance agent license of a Portland man, J. Henry Edgmond, for misappropriating funds belonging to an insurance agency.
An investigation by the Insurance Division of DCBS found that Edgmond used a $500 check, drawn on the premium trust account of Stewart & Tunno Insurance Agency, of Portland, to pay the rent on his apartment. Edgmond repaid the money after the agency discovered he had misappropriated the funds.
In other news, the DCBS has also fined Country Mutual Insurance Co. $20,000 for violating the Oregon Insurance Code.
An investigation found that Country Mutual used an incorrect fire protection class code to calculate premium rates for 15 homeowner policies it sold in the Powell Butte area of Central Oregon. As a result, the homeowners paid about one-half of what they should have paid if the proper protection class had been used.
Oregon law prohibits insurers from issuing policies that differ from the premium rates or policy forms they filed with the Insurance Division. Country Mutual’s main administrative office is in Bloomington, Illinois.
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