Ohio Department of Insurance Director Mary Jo Hudson has accepted the surrender of the resident insurance agent license of John Elder of Lancaster, Ohio, for alleged violations of Ohio insurance law.
The department said an investigation revealed that Elder allegedly misappropriated $28,000 of insurance premium funds. Also, Elder allegedly took personal loans against client life insurance policies and continued insurance policies clients requested to cancel so he could continue receiving commission payments.
While Elder neither admits nor denies the above allegations are true and accurate, he has agreed to the permanent surrender of his resident insurance license. Director Hudson accepted the surrender of Elder’s resident insurance license effective Sept. 9, 2010.
Source: Ohio Department of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Chubb Q1 Net Income Increases 74% on Fewer Catastrophe Losses 
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud 
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
