New York State

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Eric R. Dinallo   Superintendent of Insurance  25 Beaver Street  New York, N.Y. 10004

ISSUED 12/17/2008 FOR IMMEDIATE RELEASE

DEPARTMENT REVOKES 75 LICENSES, FINES 225 IN FIRST HALF OF 2008

Insurance Department investigators nab agents, brokers, adjusters and others

Seventy-five insurance agents, brokers and other producers can no longer sell insurance in New York. Their insurance licenses were revoked or surrendered during the first six months of 2008 because they violated State Insurance Law or regulations, Insurance Superintendent Eric Dinallo announced today. An insurance license is necessary to legally transact any insurance business in the State.

In addition, 225 producers, including agents, brokers, adjusters and service contract providers were fined more than $530,000 in the same period after they admitted or were found guilty after an administrative hearing of various violations of the State Insurance Law or regulations.

“Protecting New York consumers is of prime importance to the Insurance Department,” Dinallo said. “Insurance is based on trust – trust that you’re getting the right product at the right price, trust that the money you give an agent or broker will go to pay your premiums, trust that if anything happens, you will be covered. We will continue to aggressively pursue those who violate that trust and make sure consumers receive the full protection of the Insurance Law.”

License revocation, the Department’s strongest sanction, is used to protect consumers against the most serious violations of the Insurance Law. Among those whose licenses were revoked or who signed an agreement with the Department agreeing to give up their licenses with the full force and effect of a revocation, and the reasons for the actions, are:

The fines resulted from various violations of the Insurance Law and regulations, including:

Consumers with insurance questions or complaints should call the Department’s toll-free Consumer Hotline at 1-800-342-3736 between 9 and 4:30, Monday through Friday, or visit the Department’s website at www.ins.state.ny.us. In 2007, the Department responded to approximately 200,000 calls and 60,000 complaints, providing services in 140 languages.

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