Hang ’em high. OK, maybe a little extreme there–but perps like Meseer cannot be let off lightly. DOI Commish Jones apparently does not understand commercial coverage, which is no surprise coming from a politician. He grossly understates the victims’ exposure to loss as “thousands of dollars of risk and financial loss”. Mr. Jones should have stated “many millions of dollars of risk”.
We need a new OIC in Washington with the balls to enforce this comingling law. Good Old Mikey has allowed one agent I know of personally to cash escrow insurance payments into his personal account then pay his personal premiums to the carrier with those funds. When investigated the OIC allowed the carrier to “handle” it internally. 2 years later the same agent was found to have repeated the offense and at that time the OIC placed him on probation. His book of business has contained several instances of questionable underwriting and actions bordering on fraud, but he is a good producer and churns a lot of revenue for the carrier. I like California’s action and it should be replicated.
Carriers and the Managing General Agents are sometimes at fault by accepting a risky producer. The same carrier I spoke of in the above post was responsible for another agent (presidents council) who was issuing commercial paper to cover a risk category that the carrier was not authorized to offer, and then apply the premiums she collected to be applied to a personal lines policy. The rewards for that was she was taken to a Presidents Council award ceremony along with the State Director and both received monetary compensation for their misdeeds. Neither the OIC or Carrier would acknowledge any evidence submitted, thus not actions. There are crooks in insurance and it is not always just an agent.
Way to go dummy! Now you get to spend your golden years in the Klink! All for $140k.
Hang ’em high. OK, maybe a little extreme there–but perps like Meseer cannot be let off lightly. DOI Commish Jones apparently does not understand commercial coverage, which is no surprise coming from a politician. He grossly understates the victims’ exposure to loss as “thousands of dollars of risk and financial loss”. Mr. Jones should have stated “many millions of dollars of risk”.
We need a new OIC in Washington with the balls to enforce this comingling law. Good Old Mikey has allowed one agent I know of personally to cash escrow insurance payments into his personal account then pay his personal premiums to the carrier with those funds. When investigated the OIC allowed the carrier to “handle” it internally. 2 years later the same agent was found to have repeated the offense and at that time the OIC placed him on probation. His book of business has contained several instances of questionable underwriting and actions bordering on fraud, but he is a good producer and churns a lot of revenue for the carrier. I like California’s action and it should be replicated.
Carriers and the Managing General Agents are sometimes at fault by accepting a risky producer. The same carrier I spoke of in the above post was responsible for another agent (presidents council) who was issuing commercial paper to cover a risk category that the carrier was not authorized to offer, and then apply the premiums she collected to be applied to a personal lines policy. The rewards for that was she was taken to a Presidents Council award ceremony along with the State Director and both received monetary compensation for their misdeeds. Neither the OIC or Carrier would acknowledge any evidence submitted, thus not actions. There are crooks in insurance and it is not always just an agent.