Florida Chief Financial Officer Alex Sink announced she would suspend the license of new startup home insurer Peoples Trust for using call center personnel who were not licensed to sell insurance, a move drawing an angry response from the company.
Mike Gold, Peoples chief executive officer, said his firm began selling insurance using non-agents after getting clearance from Ms. Sink's Department of Financial Services, and her move came after pressure from an agents group that contributed to her campaign.
Ms. Sink yesterday issued an order to show cause notifying Peoples if allegations of unlicensed sales are proven she "intends to enter an order suspending or revoking [the company's] licenses and eligibility for licensure as a managing general agent, requiring you to cease and desist from transacting insurance through unlicensed employee practices, or to impose such penalties as may be provided..." under law.
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