New York State
Insurance Department
DISCIPLINARY ACTIONS
New York, December 22, 1997
The following tables show the Licensee in Column One, Address in Column Two, and the Penalty in Column Three. The bottom row of each table describes the circumstances.
Insurance Companies
STIPULATIONS
Disciplinary actions as a result of stipulations have been agreed to by the licensees.
| LICENSEE | ADDRESS | PENALTY |
| The Equitable Life
Assurance Society of the United States Equitable Variable Life Ins. Co. |
1290 Avenue of the Americas New York, NY same as above |
$450,000 fine |
| The companies violated the Insurance Law and
Department regulations, including Regulation 60, when they failed to comply with
disclosure requirements for life insurance applications involving internal replacements.
In addition, both companies entered into servicing agreements with affiliate companies
without notifying the Insurance Department. Equitable Life Assurance also failed to pay
interest on cash surrenders made from July 1, 1986 through December 31, 1991 and failed to
make corrective interest payments as per an agreement with the Department. In addition,
Equitable Life Assurance exceeded its new annuity business limitation in 1994. Equitable Variable Life Insurance Company merged into the Equitable Life Assurance Society of the United States effective January 1, 1997. |
||
| LICENSEE | ADDRESS | PENALTY |
| Progressive Casualty Ins. Co.
United Financial Casualty Co. |
6300 Wilson Mills Rd.Mayfield
Heights, OH same as above
|
$68,820 fine
|
| Market conduct investigations revealed that
the companies, members of the Progressive Group, violated the Insurance Law and Department
regulations when in connection with certain automobile insurance policies issued or
renewed between March 1,1995 and February 29, 1996, they did not pay or deny claims in a
timely manner. In addition the companies failed to send follow-up certification of repair
forms in a timely manner. They failed to notify insureds of their reimbursement rights for
transportation expenses and used incorrect figures in calculating the value of stolen or
totaled vehicles. The companies also failed to make reports to the National Insurance
Crime Bureau in a timely manner. In addition, Progressive Casualty, Progressive Specialty and National Continental Ins. Cos. failed to properly calculate the interest on overdue benefits. The companies have agreed to review all total theft loss payments made between March 1, 1996 and September 15, 1997 and correct any underpayments on book values. |
||
| LICENSEE | ADDRESS | PENALTY |
| First North American Life Assurance Co. | 555 Theodore Fremd Ave. Rye, NY |
$40,000 fine |
| The company violated the Insurance Law when it failed to maintain books of account with respect to 1994 reserves and failed to pay intercompany expenses as per a filed service agreement. The company also failed to properly pay interest on death claims, failed to follow the provisions in its variable annuity contract with regard to surrender charges and market value adjustment changes, and failed to have its Board of Directors approve the criteria for determining the excess interest rate over the minimum guaranteed rate on fixed annuity contracts. | ||
| LICENSEE | ADDRESS | PENALTY |
| Yasuda Fire and Marine Ins. Co. of America | 2 World Financial Center New York, NY |
$19,350 fine |
| A market conduct investigation revealed that
the company violated the Insurance Law and Department regulations when, in connection with
certain commercial multiple peril and general liability policies issued or renewed between
January 1, 1996 and December 31, 1996, it failed to use filed rates. The company also
exceeded flex-rating limitations, failed to send out cancellation and nonrenewal notices
in a timely manner, and failed to document the particular reasons supporting the credit or
debit for rating a particular risk. The company has agreed to review and rerate all commercial multiple peril and general liability policies in force as of December 1, 1997 in New York as they come up for renewal and to refund any overcharges of more than $15. |
||
| LICENSEE | ADDRESS | PENALTY |
| CU Life Insurance Company of New York | 100 Corporate Parkway Amherst, NY |
$15,000 fine |
| The company violated the Insurance Law when it used policy forms that had not been approved by the Department. In addition, CU Life failed to immediately notify insurers that their policies were being replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| National Integrity Life Ins. Co. | 515 West Market St. Louisville, KY |
$15,000 fine |
| The company violated the Insurance Law by
failing to maintain its corporate documents, including by-laws and board of director and
sub-committee minutes, at its principal office. In addition, the company failed to
maintain sufficient details on how expenses were allocated between the member companies of
its holding company system. The company has agreed to submit to the Department by January 31, 1998, a new method of expense allocation between the companies of its holding company system. |
||
| LICENSEE | ADDRESS | PENALTY |
| Worcester Insurance Company | 120 Front St. Worcester, MA |
$6,500 fine |
| A market conduct investigation revealed that the company violated the Insurance Law when, in 1995, it exceeded the maximum permissible number of nonrenewals of private passenger automobile insurance policies. A company is only allowed to nonrenew up to 2% of its business in any given territory. Worcester has agreed to restrict 1998 nonrenewals to make up for the excessive 1995 nonrenewals. | ||
| LICENSEE | ADDRESS | PENALTY |
| The Alliance Mutual Insurance Co. | P.O. Box 270 Albion, NY |
$4,400 fine |
| A market conduct investigation revealed that the company violated the Insurance Law and Department regulations when, in connection with certain commercial multiple peril insurance policies issued or renewed between January 1, 1992 and December 31, 1995, it failed to pay claims in a timely manner. In addition, the company failed to specify reasons on cancellation notices and failed to send refunds directly to insureds when canceling policies. The company also failed to substantiate physical changes in insured properties when canceling policies that had been in effect for over 60 days. | ||
Agents, Brokers, Adjusters, Consultants and Others
HEARINGS
Disciplinary actions as a result of Department hearings are subject to judicial review and possible stay of enforcement.
| LICENSEE | ADDRESS | PENALTY |
| Ahmed, Riaz (agent) |
466 54th St. Brooklyn, NY |
License revoked |
| Ahmed endorsed two premium refund checks payable to insureds and wrongfully availed himself of the proceeds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Astacio-Santos, Andres (broker) |
330 Audubon Ave. New York, NY |
License revoked |
| Violated the Insurance Law when he submitted an automobile insurance policy to the New York Automobile Insurance Plan that contained false information concerning the principal operator of the vehicle. In addition, Astacio-Santos falsely certified the Driver Verification Form. | ||
| LICENSEE | ADDRESS | PENALTY |
| Apelis, George I. (broker) |
479 South Broadway Hicksville, NY |
License revoked |
| Allowed unlicensed individuals to conduct insurance business. In addition Apelis allowed an individual whose license had been revoked to conduct business from his office. The Department's decision has been stayed pending an Article 78 proceeding. | ||
| LICENSEE | ADDRESS | PENALTY |
| Bryce, Joshua I. (agent) |
888 7th Ave. New York, NY |
License revoked |
| Failed to pay a $2,000 fine in connection with a Regulation 60* violation. | ||
| LICENSEE | ADDRESS | PENALTY |
| Buhrandt, Harold C. (agent) |
405 Bellmore Rd. East Meadow, NY |
License revoked |
| Submitted five fraudulent life insurance applications to an insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| Cheng, Donald (agent) |
46-65 158th St. Flushing, NY |
License revoked |
| Issued a premium check that was dishonored by the bank and never replaced; and failed to account for a premium collected from an insured. In addition, Cheng was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Coaxum, Joanne V. (agent) |
500 Rowlinson Dr. Shirley, NY |
$250 fine |
| Coaxum failed to furnish requested documents to the Insurance Department as part of the Department's investigation into an alleged incident. | ||
| LICENSEE | ADDRESS | PENALTY |
| DeJesus, Ramona A. (broker) t/b/a Cibao Insurance Brokerage |
39-05 108th St. Corona, NY |
License revoked |
| Issued premium checks that were dishonored by the bank and allowed an unlicensed person to conduct insurance business. In addition, DeJesus was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Dona Jr., Frederick V. (agent) |
7031 Highfield Rd. Fayetteville, NY |
License revoked |
| Dona pled guilty to making a false statement in an Employee Retirement Income Security Act (ERISA) document in connection with funds he transferred on behalf of a client. | ||
| LICENSEE | ADDRESS | PENALTY |
| Edelstein, Gordon R. (agent) |
43 Delaware Ct. Coram, NY |
License revoked |
| Collected a service fee without obtaining a signed service fee agreement. | ||
| LICENSEE | ADDRESS | PENALTY |
| Ferro, Guillermo (agent) |
47-26 98th Place Corona, NY |
License revoked |
| Ferro was decertified by the New York Automobile Insurance Plan for issuing premium checks that were dishonored by the bank and for furnishing automobile insurance identification cards without following up on the applications. | ||
| LICENSEE | ADDRESS | PENALTY |
| Fultz, Jeffrey D. (agent) |
10931 Laureate Dr. San Antonio, TX |
License revoked |
| Fultz's insurance agent's license was suspended by the Oklahoma Department of Insurance. Fultz failed to respond to Department inquires for additional information. | ||
| LICENSEE | ADDRESS | PENALTY |
| Gartner, Linda M. (broker) |
241-20 S. Conduit Ave. Rosedale, NY |
License revoked |
| Issued a premium check that was dishonored by the bank and misappropriated premium payments. In addition, Gartner issued New York Automobile Insurance Plan insurance identification cards without submitting the corresponding applications. | ||
| LICENSEE | ADDRESS | PENALTY |
| Han, James T. (broker) Park,
Eunchang |
36-34 Union St. Flushing, NY same as above |
License revoked
|
| Han was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. Park failed to notify the Insurance Department of a change of address. | ||
| LICENSEE | ADDRESS | PENALTY |
| Hicks, Andrew J. (agent & broker) |
280 Broadway Yonkers, NY |
Licenses revoked |
| Issued a premium check that was dishonored by the bank and never replaced; and collected premiums and failed to forward them to the appropriate insurers. In addition, Hicks issued Change of Broker forms and signed automobile insurance applications without his clients' knowledge. He also misrepresented an insured's coverage to the Department of Motor Vehicles and altered the amount payable on a check given him by one of his clients. Hicks also conducted insurance business under several unlicensed names. | ||
| LICENSEE | ADDRESS | PENALTY |
| Ioinovitch, Nathan (agent) |
825 E. 9th Street Brooklyn, NY |
License revoked |
| Ioinovitch was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. In addition, Ioinovitch collected premiums and failed to forward them to the appropriate insurers and commingled premiums with other funds. He also conducted insurance business under unlicensed names. | ||
| LICENSEE | ADDRESS | PENALTY |
| Kanner, Alan (agent) |
3 Sadore La. Yonkers, NY |
License revoked |
| Kanner made unauthorized requests for policyholder surrender withdrawals and forged signatures on death benefit claims. He then used the proceeds for his own purposes. | ||
| LICENSEE | ADDRESS | PENALTY |
| Martz, Joseph (agent & broker) |
36-20 164th St. Flushing, NY |
Licenses revoked |
| Permitted an individual whose license had been revoked to conduct his insurance business. | ||
| LICENSEE | ADDRESS | PENALTY |
| Maydwell Insurance Agency, Inc. (broker) Maydwell,
Daniel D. |
524 E. 240th St. Bronx, NY 737 Main St. New Rochelle, NY |
License revoked
|
| Issued premium checks that were dishonored by the bank and never replaced. In addition, Daniel Maydwell was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Means, Patricia A. (agent) |
200 E. Court St. Kankakee, IL |
License revoked |
| Submitted three fraudulent life insurance applications to an insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| Mechlenburg, Birgit (agent) |
4 Tree Top La. Poughkeepsie, NY |
License revoked |
| The Securities and Exchange Commission barred Mechlenburg from transacting securities dealings after she misappropriated funds from an investment club she organized while a licensed securities dealer. She failed to respond to Department inquiries for additional information. | ||
| LICENSEE | ADDRESS | PENALTY |
| Mendola, Paul C. (agent) |
145 Glenmere Way Holbrook, NY |
License revoked |
| Pled guilty to petit larceny in connection with collecting premium payments and failing to forward them to the appropriate insurer. In addition, Mendola was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Mensah, Kwame B. (agent) |
730 Oakland Pl. Bronx, NY |
License revoked |
| Collected premium payments and failed to forward them to the appropriate insurer in a timely manner or at all. In addition, Mensah was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Merlo, Terry M. (agent) |
66 Main St. Pine Bush, NY |
License revoked |
| Merlo failed to respond to Department inquiries for additional information after indicating on his license renewal application that he had filed for bankruptcy. | ||
| LICENSEE | ADDRESS | PENALTY |
| Meza, Deogene (agent) |
1482 York Ave. New York, NY |
License revoked |
| Submitted three fraudulent life insurance applications to an insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| Naithani, Kavita (agent) |
23-13 Steinway St. Astoria, NY |
License revoked |
| Submitted 29 fraudulent life insurance applications to an insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| Paredes, Reynaldo (agent) |
1692 Webster Ave. Bronx, NY |
License revoked |
| Commingled premiums with other funds. In addition, Paredes collected premiums and failed to forward them to the appropriate insurer. He was also decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Rinehart Agency (broker) Rinehart,
David W. |
203 Bedell Ave. Clintondale, NY Box 152 Bedell
Ave. |
License revoked
|
| David Reinhart was convicted of offering a false instrument for filing in the second degree in connection with altering a power of attorney form without the client's knowledge. In addition, Rinehart endorsed checks made payable to another and deposited them into his own personal account. | ||
| LICENSEE | ADDRESS | PENALTY |
| Rosas, Anthony (agent) |
25-19 77th St. East Elmhurst, NY |
License revoked |
| Submitted nine fraudulent insurance applications to an insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| Santoro, Peter M. (agent) |
61 University Heights Dr. Stony Brook, NY |
License revoked |
| Santoro failed to respond to Department inquiries for additional information after indicating on his license application that he had filed for bankruptcy. | ||
| LICENSEE | ADDRESS | PENALTY |
| Signorelli, Paul A. (agent) |
261 Madison Ave. New York, NY |
License revoked |
| Signorelli was disbarred as an attorney for misappropriation of funds. He continued to act as an attorney despite being disbarred. | ||
| LICENSEE | ADDRESS | PENALTY |
| Stephens, Walt (agent & broker) |
1444 Olmstead Ave. Parkchester Station, NY |
Licenses revoked |
| Issued a premium check that was dishonored by the bank and never replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| Theisen-Inzone, Doris M. (agent) |
10 W. Broadway Long Beach, NY |
License revoked |
Theisen-Inzone responded falsely on her licensing renewal application when asked about criminal convictions. In fact, she had been convicted of submitting false statements on a loan application. |
||
| LICENSEE | ADDRESS | PENALTY |
| Waters, Jonathan E. (agent) |
31 Arlmont St. Kingston, NY |
License revoked |
| Issued premium checks that were dishonored by the bank, only one of which was replaced. In addition, Waters commingled premiums with other funds and was convicted of criminal possession of a controlled substance. | ||
STIPULATIONS
Disciplinary actions as a result of stipulations have been agreed to by the licensees.
| LICENSEE | ADDRESS | PENALTY |
| Ambarina Brokerage, Inc. (broker) Feliz,
Kenneth A. Feliz, Randolph K |
3 East Tremont Ave. Bronx, NY same as above
|
$2,500 fine |
| All three were decertified by the New York Automobile Insurance Plan for various violations of Plan rules. In addition, unlicensed individuals were permitted to conduct insurance business. | ||
| LICENSEE | ADDRESS | PENALTY |
| Arrascue, Cesar O. (agent & broker) |
68 Croft La. Smithtown, NY |
$7,500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Arrascue conducted insurance business under an unlicensed name and was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Audley, Robert (agent) |
4165 Gemini Path Liverpool, NY |
License revoked |
| Collected premium payments and failed to forward them in a timely manner to the appropriate insurer. In addition, Audley conducted insurance business under an unlicensed name. | ||
| LICENSEE | ADDRESS | PENALTY |
| Beltre, Paquita M. (broker) |
5524 4th Ave. Brooklyn, NY |
$500 fine |
| Violated the Insurance Law when her premium account was overdrawn on numerous occasions. | ||
| LICENSEE | ADDRESS | PENALTY |
| Benzinger, Lisa J. (agent) |
5094 Abbott Rd. Hamburg, NY |
$1,000 fine |
| Forged two payroll deduction authorization cards without her client's permission and forged and submitted an insurance application. | ||
| LICENSEE | ADDRESS | PENALTY |
| Biscardi, Carmine A. (agent & broker) |
2400 Pendroy St. East Meadow, NY |
$1,003 fine |
Violated Regulation 60* when he placed a life insurance policy with Prudential Life Insurance Company of America. |
||
| LICENSEE | ADDRESS | PENALTY |
| Bolanos, Luis A. (broker) |
268 Jamaica Ave. Brooklyn, NY |
$1,000 fine |
| Failed to complete a Driver Verification Form as required and conducted insurance business under an unlicensed name. | ||
| LICENSEE | ADDRESS | PENALTY |
| Campo, Frank A. (agent) |
838 Wilcox Ave. Bronx, NY |
$1,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Campo commingled premiums with other funds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Ciminera, Daniel F. (broker) |
P.O. Box 129 Glen Cove, NY |
$1,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| Diaz, Mirtha C. (broker) |
1815 Morris Ave. Bronx, NY |
$500 fine |
| Submitted a signed Driver Verification Form that listed an operator who denied knowing the applicant. | ||
| LICENSEE | ADDRESS | PENALTY |
| Espin, Ana (broker) t/b/a Xanadu Brokerage |
227 East 167th St. Bronx, NY |
$2,500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Espin commingled premiums with other funds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Eugene J. Donohue, Inc. (agent) Donohue,
Eugene J. |
662 Main St. Port Jefferson, NY 443 Miller
Place Rd. |
$1,000 fine |
| On his licensing renewal application, Donohue failed to list pending actions for driving while intoxicated, manslaughter, and criminally negligent homicide. | ||
| LICENSEE | ADDRESS | PENALTY |
| Delta Insurance Agency Services, Inc. (agent & broker) Petsiavas, Kostas |
30-93 31st St. Astoria, NY |
$2,500 fine |
| Forged insureds' names on Change of Broker request forms. | ||
| LICENSEE | ADDRESS | PENALTY |
| GAB Robins North America, Inc. (independent adjuster) MacArthur, Thomas C. McGee, James A. |
9 Campus Dr. Parsippany, NJ
|
$8,900 fine |
| Allowed an unlicensed person to conduct insurance business. | ||
| LICENSEE | ADDRESS | PENALTY |
| Garcia, Xavier J. (broker) |
4414 4th Ave. Brooklyn, NY |
$1,840 fine |
| Garcia was decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Hillowe, Scott G. (agent) |
170 Cedar Dr. Massapequa, NY |
$1,561 fine |
Violated Regulation 60* when he placed a life insurance policy with Prudential Insurance Company of America. |
||
| LICENSEE | ADDRESS | PENALTY |
| Joseph, Ulric E. (agent & broker) |
2720 Farragut Rd. Brooklyn, NY |
$3,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Joseph failed to forward the full premium to the appropriate insurer and commingled premiums with other funds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Levy, Benjamin (agent & broker) |
825 Middle Neck Rd. Great Neck, NY |
$2,000 fine |
| Failed to forward an insurance premium to the appropriate insurer. | ||
| LICENSEE | ADDRESS | PENALTY |
| LRF and Associates, Inc. (agent) Faiola, Louis R. (agent & sublicensee) |
2A Halfmoon Executive Park Clifton Park, NY 140 East Ave. |
$1,931 fine |
| Violated the Insurance Law and Regulation 60* when they placed a life insurance policy with Prudential Insurance Company of America. | ||
| LICENSEE | ADDRESS | PENALTY |
| MacGregor, Raquel (agent) |
365 Columbine Ct. Yorktown Heights, NY |
$500 fine |
| Failed to prepare a signed Driver Verification Form for an automobile insurance application submitted to the New York Automobile Insurance Plan. | ||
| LICENSEE | ADDRESS | PENALTY |
| Machado, Juan R. (broker) |
263 South 2nd St. Brooklyn, NY |
$1,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| MacKenzie, Andrew I. (independent adjuster) |
123 William St. New York, NY |
$1,000 fine |
| Conducted insurance business without the appropriate license. | ||
| LICENSEE | ADDRESS | PENALTY |
| Magloire, Emmanuel (agent & broker) |
92-56 215th Pl. Queens Village, NY |
$500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Magloire commingled premiums with other funds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Martinez, Rafael A. (broker) |
1348 Edward L. Grant Highway Bronx, NY |
$500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| Oquendo, Felix A. (broker) t/b/a Oquendo's Brokerage |
906 Hunts Point Ave. Bronx, NY |
$1,000 fine |
| Failed to prepare a signed Driver Verification Form when submitting an automobile insurance application to the New York Automobile Insurance Plan. In addition, Oquendo falsely told the New York State Department of Motor Vehicles that a customer had coverage when, in fact, she did not. | ||
| LICENSEE | ADDRESS | PENALTY |
| Nitti, William J. (broker) |
420 Lexington Ave. New York, NY |
$2,500 fine |
| Collected premium payments and failed to forward them in a timely manner to the appropriate insurer. In addition, Nitti conducted insurance business under an unlicensed name. | ||
| LICENSEE | ADDRESS | PENALTY |
| Panamerican Insurance Agency (agent & broker) Ramnauth, David |
122-09 Liberty Ave. Richmond Hill, NY 24 Sherwood
Rd. |
$3,500 fine |
| Both were decertified by the New York Automobile Insurance Plan for various violations of Plan rules. | ||
| LICENSEE | ADDRESS | PENALTY |
| Paruta, Thomas (agent) |
8 Forsythia Ct. Orchard Park, NY |
$1,745 fine |
| Violated the Insurance Law and Regulation 60* when he placed a life insurance policy with Metropolitan Life Insurance Company. | ||
| LICENSEE | ADDRESS | PENALTY |
| Peters, Joseph Lee (agent) |
2809 S. Lynnhaven Rd. Virginia Beach, VA |
$1,000 fine |
| Falsely indicated on his license renewal application that he was not subject to any administrative action when, in fact, the Alabama Insurance Department took action against him. | ||
| LICENSEE | ADDRESS | PENALTY |
| Raul, Shavuot J. (broker) |
1544 41st St. Brooklyn, NY |
$2,500 fine |
| Raul quoted an insured an automobile insurance premium that was less than the actual premium. This practice, referred to as lowballing, occurs when an agent or broker intentionally misquotes premium information in order to undercut the competition. Although the insured's deposit reflects the quoted lower premium, the policyholder is eventually billed by the insurer for the difference. | ||
| LICENSEE | ADDRESS | PENALTY |
| Rivera, Bernardo (broker) |
1195-97 East Tremont Ave Bronx, NY |
$1,500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Rivera commingled premiums with other funds. | ||
| LICENSEE | ADDRESS | PENALTY |
| Rodriguez, Marie B. (agent & broker) t/b/a New Generation Insurance Services |
923 Utica Ave. Brooklyn, NY |
$1,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. | ||
| LICENSEE | ADDRESS | PENALTY |
| Rosario, Juan O. (broker) t/b/a Rosario Insurance Agency |
528 North 7th St. Allentown, PA |
$1,000 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. In addition, Rosario failed to notify the Department of a change of address. | ||
| LICENSEE | ADDRESS | PENALTY |
| Ross, Harold K. (agent & broker) |
521 5th Ave. New York, NY |
$500 fine |
| Ross submitted a Change of Broker form for an insured without the insured's authorization. | ||
| LICENSEE | ADDRESS | PENALTY |
| Safe Wheels Insurance Agency (broker) Delgado, Francisco J. (agent, broker & sublicensee) |
149 Hoffman Ave. Elmont, NY 70 Maple Ave. |
$2,500 fine |
| Submitted applications to insurance companies that contained inaccurate information and failed to inspect properties prior to submitting applications. | ||
| LICENSEE | ADDRESS | PENALTY |
| S. Kornreich & Sons, Inc. (agent & broker) Kornreich, Matthew R. Kornreich, James D. Kornreich, Morton A. Kornreich, Thomas A. Kornreich, William D. |
521 Fifth Ave. New York, NY same as above
39 Club Pointe Dr. 7 Quaker La. 38 West 10th St. |
$5,000 fine |
| Collected service fees without obtaining signed service fee agreements. | ||
| LICENSEE | ADDRESS | PENALTY |
| Sarasohn Adjusting Co., Inc. (pending public adjuster's license) Sarasohn, Ira J. Pestcoe, Arthur |
128 Passaic Ave. Fairfield, NJ |
$500 fine |
| Gerald A. Doto, president and director of Sarasohn Adjusting Co., acted as a public adjuster in Florida without obtaining the required license from the Florida Insurance Department. | ||
| LICENSEE | ADDRESS | PENALTY |
| Shephard, Tammy T. (agent) |
204 W. Pebble Beach Rd. Lakeville, NY |
$5,000 fine |
| When Shephard moved to New York, she failed to change her nonresident agent's license to a resident agent's license in a timely manner. | ||
| LICENSEE | ADDRESS | PENALTY |
| Strategic Benefits Management (agent) Laures,
Michele S. |
21 North Ave. Larchmont, NY 680 West Boston
Post Rd. |
$500 fine |
| Violated the Insurance Law by offering a client a financial inducement. | ||
| LICENSEE | ADDRESS | PENALTY |
| Talavera, Juan A. (broker) t/b/a J.T. Brokerage Co. |
421 Mother Gaston Blvd. Brooklyn, NY |
$500 fine |
| Failed to complete a Driver Verification Form for an automobile insurance policy submitted to the New York Automobile Insurance Plan. | ||
| LICENSEE | ADDRESS | PENALTY |
| Tineo Insurance Agency Travel
& More Corp. (broker) Tineo,
Nancy B. |
856 New Lots Ave. Brooklyn, NY
|
$500 fine |
| Failed to complete a Driver Verification Form for an automobile insurance policy submitted to the New York Automobile Insurance Plan. | ||
| LICENSEE | ADDRESS | PENALTY |
| Tramontano, Joseph (agent & broker) |
386 Vernon Ave. Staten Island, NY |
$1,000 fine |
| Charged service fees without obtaining signed service fee agreements. | ||
| LICENSEE | ADDRESS | PENALTY |
| Wasserbach, William F. (broker) |
3 Marcus Blvd. Albany, NY |
$5,000 fine |
| Improperly issued Damage Liability Certificates of Insurance to three trucking firms. These forms are filed with the Department of Transportation as proof of insurance. | ||
| LICENSEE | ADDRESS | PENALTY |
| Williams, Herbert F. (agent & broker) |
2 Ninth St. New Rochelle, NY |
$500 fine |
| Failed to complete a Driver Verification Form for an automobile insurance policy submitted to the New York Automobile Insurance Plan. | ||
| LICENSEE | ADDRESS | PENALTY |
| Wilson, Julius (broker) |
4036 DeReimer Ave. Bronx, NY |
$2,500 fine |
| Issued premium checks that were dishonored by the bank, but subsequently replaced. | ||
* Regulation 60 requires agents to provide prospective life insurance purchasers with pertinent facts when that purchase will cause the buyer to surrender, lapse, or in any way change the status of an existing life insurance policy. The agent must provide the purchaser with a disclosure statement and a notice regarding replacement of life insurance.