DCBS Media Release

April 18, 2002
For More Information:
John Piper, 503-947-7213

State revokes Coos Bay insurance agent's license

SALEM – The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a Coos Bay woman, Alice L. Sanders, for violating Oregon insurance regulations.

An investigation by the Insurance Division of DCBS found that Sanders misappropriated premiums from 25 individuals totaling $1,469.49. Although she issued checks to Financial Indemnity Co. (FIC) for the premiums, none of the checks were honored because of insufficient funds.

Sanders also violated state law by failing to maintain premiums in an insurance trust account until paid to FIC.

Sanders agreed to a lifetime ban from working in the insurance industry in Oregon.

Final Order