Washington Commissioner Mike Kreidler has taken action against two insurance agents who misappropriated thousands of dollars from their clients, the state insurance department reported.
Nancy M. Bishop, of Puyallup, has been barred from doing insurance business in Washington and ordered to repay consumers more than $131,000.
A state examination of Bishop’s business records revealed that she violated state insurance laws in dozens of instances, including repeatedly accepting premium payments for policies that did not exist, and keeping the money herself. She also wrongly kept some clients’ refunds and issued false certificates of coverage.
The examination found that Bishop owes dozens of Washington consumers more than $131,000, including overcharges and misappropriated funds.
Isaac Mayanja, an agent in Redmond, also has had his insurance license revoked.
In 2010, a state investigation determined that Mayanja sold at least 19 unapproved annuities to Washington residents. He also repeatedly engaged in the unauthorized withdrawal of clients’ funds, including forgery and misappropriation of their money.
Specifically, he submitted withdrawal forms totaling $15,570 for several clients’ annuities, changing their addresses on the forms to his own address and then transferring the money to his own personal bank accounts.
In both cases, the agents have the right to demand a hearing. The orders take effect immediately.
Source: Washington State Insurance Department
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