Nevada Insurance Commissioner Alice Molasky-Arman has ordered
Global Bonding, Millennium Bonding Enterprises, Rock Enterprises, Robert Joe Hanson and Reve’ M. Pete to stop transacting surety insurance business in and from Nevada.
The Division reportedly does not have any record of Robert Joe Hanson, Reve M. Pete, or the companies being licensed or authorized by the Commissioner to conduct business in or from Nevada.
The companies are allegedly selling unlicensed surety bonds to the construction industry in Nevada and other states. It is believed that these companies target low income, minority and women-owned businesses in purchasing these unlicensed surety bonds. Division investigators believe they have also been operating in other states.
Molasky-Arman said, “These unauthorized entities pose a significant threat to the public. Unlike legitimate insurance, these entities have no method of paying claims if they go out of business. Again, if it sounds too good to be true, it probably is.”
Global Bonding, Millennium Bonding Enterprises and Rock Enterprises have reportedly been operating over the Internet and marketing themselves as a “federally approved alternative.” It also claims to be a “treasury approved provider” and states the bonds are written according to federal guidelines.
To learn whether a company is licensed, consumers can log on to www.nvinsurancealert.com.
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