OKLAHOMA AGENT FINED $20K

According to Oklahoma Insurance Commissioner Carroll Fisher, a Ponca City agent has agreed to pay a $20,000 fine, forfeit his license and pay claims from customers who thought they had insurance but did not. The agent, Mark Alan Jordan, is alleged to have misappropriated funds that his clients thought were being used to pay insurance premiums on their behalf. Under the agreement, Jordan also will repay his clients whose money he misappropriated. In addition, the Oklahoma Insurance Department will have control over his agency’s records in order to continue its investigation. Jordan’s license was suspended Dec. 20, 2002. The department had taken earlier action against Jordan after similar allegations were made. The investigation continues as several people have contacted the department to say they had been victimized by Jordan’s practices. Fisher said access to Jordan’s business records will help the department determine how many people he victimized. “Unfortunately,” Fisher added, “from the number of calls we’ve been getting, it looks like it will be quite a few.” The $20,000 fine is the largest ever handed to an agent, although some insurance companies paid higher fines. Kay County residents whose insurance premiums may have been misappropriated are urged to contact Leslie Landwert at the Oklahoma Insurance Department., toll free at (800) 522-0071.

Topics Agencies Oklahoma