The Department of Consumer and Business Services (DCBS) revoked the insurance agent’s license of a Salem-area woman, Genie M. Wolfer, for violating the Oregon Insurance Code. DCBS also fined Wolfer $4,000 and revoked the license of her Salem agency, Cornerstone Insurance NW Inc.
An investigation by the Insurance Division of DCBS found that Wolfer and Cornerstone violated state law by “acting in an incompetent or untrustworthy manner.” Wolfer was Cornerstone’s president and manager. She admitted that she and/or persons she employed and supervised: failed to retain insurance applications; failed to retain premiums in an insurance premium trust account; failed to keep accurate and complete records of insurance applications and premiums; altered premium records; created fictitious applications and premium records; sent false applications and premium records to insurers; withheld premiums from insurers; misused premiums to pay business expenses; misused premiums from insureds to make payments for other insureds; and negligently allowed unlicensed employees to transact insurance.
Wolfer agreed to the license revocations and to a lifetime ban from working in the insurance industry in Oregon.
Was this article valuable?
Here are more articles you may enjoy.
Shipper Escapes $41.9M Award for Man Paralyzed When Lights Fell From Pallet on Him 
Insurance Platform Corgi Valued at $2.6B in Funding Round 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
AIG’s Turnaround Under Zaffino Sets Stage for New Leadership 
