In the latest investigation of insurance fraud across the state, Louisiana Insurance Commissioner Robert Wooley announced that a bail bond agent operating in the Greater New Orleans area and beyond was ordered to cease and desist from all activity in the business of insurance.
Department of Insurance Fraud Unit investigators served insurance agent Louis M. Marcotte III and Bail Bonds Unlimited Inc., 1011 Fourth St. or 221 Derbigny Street, in Gretna, with a cease and desist order and a summary suspension of all bail bond and insurance licenses. This summary suspension and cease and desist order also applies to all trade names that are 100 percent owned and used by Louis M. Marcotte, III, and Bail Bonds Unlimited Inc., whether or not the trade name has a license number different from that of Louis M. Marcotte, III or Bail Bonds Unlimited Inc.
“This action comes after a long-term investigation by the Insurance Department’s Fraud Unit,” Wooley said.
The order enumerates a number of violations of the Louisiana Insurance Code including failing to remit to the company premiums collected on bail bonds, failing to pay bail forfeitures in Louisiana, and allowing a bail bond agency to operate without an insurance license. The Department of Insurance action prohibits Marcotte, Bail Bonds Unlimited Inc., and all affiliated entities from engaging in any activity relating to the business of insurance and bail bonds.
Department of Insurance records show that Marcotte has held a bail bond license since 1980. Bail Bonds Unlimited Inc., was licensed from 1991 until it expired on May 1, 2003. That agency license was reactivated in August 2003. Both licenses were current at the time of their summary suspension today.
Insurance Commissioner Wooley said, “Most agents, are honest, hardworking people, but a few of them are not. We will continue to investigate and shut down the dishonest ones wherever they are doing business in this state.”
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