Idaho Insurance Producer Ordered to Cease and Desist for Misusing Premiums

March 25, 2020

The Director of the Idaho Department of Insurance issued an order to cease and desist against Charlotte Jane Sheppard of Lincoln County after it was reported that Sheppard violated Idaho Code ยง 41-1016(1)(d) and (h) on numerous occasions.

The department also issued a preliminary order revoking Sheppard’s Idaho insurance producer license and imposing a $51,000 fine.

Sheppard was also charged with grand theft in the Fifth Judicial District Court in Lincoln County. On March 9, she entered a plea of guilty, which was accepted by the court, and is awaiting sentence. A sentencing hearing has been set for May 19.

Based on information that Sheppard was continuing to transact insurance and was using premium funds in her agency’s fiduciary account to pay personal expenses, the department ordered Sheppard to stop accepting any payments for premiums or other like payments and to cease all insurance business within the state of Idaho.

The order further directs insurers to cease accepting insurance business from Sheppard and directs the bank at which the fiduciary account is held to prevent Sheppard from accessing and removing premium funds.

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