The Department of Consumer and Business Services (DCBS) has revoked the insurance agent’s license of a Coos Bay woman, Alice L. Sanders, for allegedly violating Oregon insurance regulations.
An investigation by the Insurance Division of DCBS found that Sanders allegedly misappropriated premiums from 25 individuals totaling $1,469.49. Although she reportedly issued checks to Financial Indemnity Co. (FIC) for the premiums, none of the checks were honored because of insufficient funds. Sanders also reportedly violated state law by failing to maintain premiums in an insurance trust account until paid to FIC.
Sanders agreed to a lifetime ban from working in the industry in Oregon.
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