Agent Suspended in Oklahoma

Oklahoma Insurance Commissioner Carroll Fisher suspended the license of Ponca City insurance agent Mark Jordan, who is accused of several violations of the Oklahoma Insurance Code over a number of years.

Under the order, Jordan will be prohibited from conducting any insurance business, including renewal of insurance contracts, selling new policies taking applications or processing claims.

“This is always a hard thing to do, especially during the holiday season,” Fisher said. “However, because of the serious nature of the allegations, along with their continued pattern following earlier actions taken by the Oklahoma Insurance Department, I felt we had no choice.”

Jordan is accused of misappropriating premium dollars, along with acting as an insurance company without a certificate of authority and as an adjuster without a license.

“Often, people do not understand the difference between an insurance agent and an insurance company,” Fisher said. “This case demonstrates the critical difference.”

Insurance agents are licensed to act on behalf of insurance companies particularly in the area of sales. Insurance companies are licensed to provide the actual coverage and must maintain minimum financial standards.

In addition to allegedly taking money from several people in the Kay County area and failing to purchase insurance policies, Jordan is accused of operating as if he were an insurance company. However, state laws strictly regulate insurers to make sure they have funds available to fulfill their contracts at the time of loss.

In addition to acting as an insurance company in some cases, Jordan is accused of selling insurance on behalf of licensed insurance companies but failing to report premium income or turn in policy applications. In at least two cases, people found out they had no insurance coverage only after they made claims.

Fisher’s order barring Jordan from conducting business goes into effect immediately. However, Jordan can request a hearing within 30 days.

Officials with the Oklahoma Insurance Department said they may not have a complete list of persons negatively affected by Jordan’s business practices. Persons who believe they could have been victims may contact Leslie Landwert with the Oklahoma Insurance Department at (800) 522-0071.

Topics Carriers Agencies Oklahoma