Oklahoma Agent Fined $20,000

Oklahoma Insurance Commissioner Carroll Fisher announced that 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 Friday, Dec. 20.

“As I told Mr. Jordan when we suspended his license, this is an injury not only to the people he hurt directly, but also to the insurance industry as a whole,” Fisher said. “It’s sad that we must revoke an agent’s license, but it was in the best interest of the public to do so in this situation.”

The Oklahoma Insurance 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.

“Mr. Jordan’s giving us access to his business records will be helpful in determining how many people he victimized,” Fisher said. “Unfortunately 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.

Fisher stressed the investigation into Jordan’s agency is continuing and urged Kay County residents whose insurance premiums may have been misappropriated to contact the Oklahoma Insurance Department toll free at (800) 522-0071 and speak with Leslie Landwert.

Topics Agencies Oklahoma