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Ferriday insurance agents booked
Two Ferriday area insurance agents were arrested, issued cease and desist orders, summary suspensions and fine notices Thursday for various acts which are in violation of the Louisiana insurance code.
Gerald Shane Smith, 35, was arrested Thursday by Louisiana State Police on three counts of Unfair Trade Practices and Producer Fraud. He was also served with a cease and desist order, summary suspension of his license and a $5,000 fine notice today by Department of Insurance Fraud Section Investigators for allegedly doing business without a license, forgery, misappropriation and misrepresentation.
Joe Richard Davis, 62, was also arrested Thursday by Louisiana State Police on three counts of Unfair Trade Practices and Producer Fraud. He was served with a cease and desist order, summary suspension of his license and a $5,000 fine notice today for allegedly accepting business with an unlicensed person and misrepresentation.
Smith is alleged to have made applications for life insurance policies without holding a life insurance license and to have forged Davis' name on the applications. He is also alleged to have misrepresented information on an insurance application and to have converted premiums to his own account before remitting them to the insurance company.
Davis is alleged to have knowingly allowed Smith, who does not hold a life insurance license, to make life insurance applications with misrepresented information and forge his name to the documents. He is also alleged to have executed a power of attorney to Smith for the purpose of allowing him to execute life insurance applications without a license.
Department records show that Smith was issued a Property and Casualty license in May 2008. Davis was issued a Property and Casualty license in May 1973 and an Annuity and Health license in August 1973. All licenses were valid until today's action.
Donelon urges consumers who feel uneasy about any insurance related transaction to call the Department of Insurance Fraud Section at 225-342-4956 or 1-800-259-5300. If callers do not want their names used, they can request that their involvement be kept confidential. |
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