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The Minnesota Department of Commerce has taken action against a Duluth insurance agent and agency for publishing a newspaper advertisement that solicited business from current policyholders of American International Group (ÌìÃÀÍøÕ¾´«Ã½´«Ã½) insurers by questioning the financial health of the ÌìÃÀÍøÕ¾´«Ã½´«Ã½ parent.

The department has repeatedly affirmed the financial solvency of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s insurance companies, despite the troubles associated with the parent company.

Gregory Brisky, a licensed insurance agent working for the Dwight Swanstrom Co. of Duluth, agreed to pay a $2,000 fine for placing the advertisement. The Swanstrom agency agreed to a $3,000 fine.

Officials alleged that Brisky and the Swanstrom agency did not take any action to verify the financial condition of any specific ÌìÃÀÍøÕ¾´«Ã½´«Ã½ insurance company before placing the advertisement and attempted to induce ÌìÃÀÍøÕ¾´«Ã½´«Ã½ policyholders to replace their insurance. It is against Minnesota law to make any misleading representation as to the financial condition of any insurer.

The Swanstrom Agency ad said: “ÌìÃÀÍøÕ¾´«Ã½´«Ã½ policyholders, nervous about the current situation with your insurance company? We have alternatives. Don’t be risky, insure with Brisky.”

Source: Minnesota Department of Commerce

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