New York State
Insurance Department

 DEPARTMENT REVOKES INSURANCE LICENSES OF
ALBERT LAWRENCE, A.W. LAWRENCE & COMPANY INC.

________________________________________________________________________

 August 27, 1997

Superintendent of Insurance Neil D. Levin today announced that he has revoked the corporate insurance licenses of A.W. Lawrence & Company, Inc. of Schenectady and the individual insurance licenses of Albert W. Lawrence. Albert Lawrence is Chairman, Director and sublicensee of the corporation which operated at 430 State Street. The license revocations were effective August 25, 1997.

An Insurance Department audit revealed that the corporation had a deficiency in its premium account of over $5 million dollars. The premium account was also commingled with other funds, the audit found. A series of hearings were held in late 1996 and early 1997 after which a Department hearing officer recommended on May 6 revocation of the licenses.

In addition, William J. Mather of 26 Juniper Drive, Clifton Park, was fined $2,500 and Helen A. Whimple of 9 Checkerberry Lane in Troy was fined $500 for failing to ensure that Lawrence and others at the corporation cooperated with the Department’s investigation. Mather was vice president and sublicensee of A.W. Lawrence & Company and Whimple was president and sublicensee of the corporation, although she became president after the commencement of the audit.

The charges against the other sublicensees of the corporation: Barbara B. Dunbar, Thomas M. Hali, Rita E. Harfield, Joyce O. Morris, Horace S. Van Voast III have all been dismissed.

A copy of the complete hearing report is available upon request.


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