Ohio Department of Insurance Director Lee Covington has issued a notice of opportunity for hearing to Harry D. Houser Sr., of Beverly, Ohio, informing Houser of his intent to revoke his license as an insurance agent.
The department also issued a cease and desist order against the Houser Insurance Agency, which continues to place advertisements in local newspapers that the DOI contends do not fully disclose the nature of the insurance products advertised.
Houser, agent and owner of Houser Insurance Agency, has been accused of 40 violations of the insurance laws and regulations of the State of Ohio. Between October 23, 1998 and September 19, 2000, Houser allegedly collected approximately $350,000 in premiums for annuities purportedly issued by American Life and Casualty Insurance Company, but never obtained the annuity or returned the premiums.
“This is the worst kind of fraud,” said Sue Stead, assistant director of the Department’s Office of Investigative and Licensing Services. “The Department will continue to aggressively investigate and hold accountable those who are breaking the insurance laws of this state. Director Covington will not tolerate fraud and theft by insurance agents and the Department will do everything in its power to ensure that those who are guilty of insurance crimes not only lose their license but are also criminally prosecuted.”
According to Insurance Department investigators who worked closely with the Beverly Police Department and Washington County Sheriff’s Office on this investigation, Houser allegedly collected annuity premiums from six couples and one individual but failed to obtain any of the annuities from American Life.
In several cases, Houser is accused of issuing fictitious annuity certificates to his victims and in four others, he is accused of issuing fictitious annuity statements and making monthly interest payments himself in order to cover his crime. Houser is accused of collecting two premiums from one couple in the amounts of $100,000 and $50,000. On neither occasion did he obtain the annuity or return the premium.
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