Fraud of the Week

Licensing Fraud – Louisiana

Amount – $70,000

An agent whose license had been revoked in December 2019 for failing to remit payments to an insurer on behalf of an insured has been issued a cease and desist order by the Louisiana Department of Insurance. On May 27 the department received word that the agent continued to perform duties after having had his license revoked by accepting over $70,000 in funds for a commercial indemnity policy. The department discovered that coverage was never bound and the insurer had no record of issuance of the policy number that the agent provided to the customer. The investigation is ongoing.