Ohio’s Department of Insurance says it processed more than 7,000 allegations of agent misconduct and insurance fraud last year.
Lt. Gov. Mary Taylor, the state’s insurance director, said the department identified more than 700 civil and criminal violations of Ohio insurance law and took administrative action against 167 insurance agents and agencies.
The department also assessed $134,900 in fines and referred 71 individuals for prosecution.
In one case, the state revoked the license of a man in December after an investigation revealed he failed to submit a client’s annuity application and investment to the insurer. Instead, he deposited the client’s $30,000 check into his own bank account.
Taylor says the agency is working to raise awareness about the consequences of insurance fraud, while fighting the crime.
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