Arbella cancelled Rapo & Jepsen alleging premium fraud now the DOI has filed to revoke the agency’s and its owner’s licenses.
Over 20 contractors around the country paid $2.2 million in ‘premiums’ for bid, payment, and performance bonds that did not exist. One of the agents involved escaped indictment but lost his insurance licenses and was fined by the DOI $3,500.
February 26, 2017 – A nonresident producer agreed to a $250 forfeiture in Missouri for her failure to disclose a prior criminal case but her further failure to report that fine to other states resulted in nine license revocations and a $1500 fine in Massachusetts.
February 14, 2017 -After four DUI pleas, resulting in a restricted producer license that was not reported as an administrative proceeding, a producer eventually loses all his non-resident and resident licenses in addition to being fined $5,000 by Massachusetts.
August 29, 2016 – Mr. Draper’s case shows once again that Massachusetts takes a very hard line on its licensed producers, whether resident or nonresident, for failing to report administrative actions involving their producer licenses in other states.