Insurance Agent’s License Revoked for Fraudulent and Dishonest Practices
- December 15, 2020
Des Moines – The Iowa Insurance Division recently ordered the revocation of the insurance producer license of Brenda Murray of Garnavillo, Iowa. Murrary is also ordered to pay $18,000 in civil penalties for fraudulent and dishonest practices, incompetency, recommending unsuitable products, and committing twisting.
In various instances, Murray either misrepresented the benefits, terms, and disadvantages of certain insurance policies to elderly consumers. Murray also made misrepresentations to insurance carriers, including falsely identifying herself as the consumer. Murray advised clients to make transactions that were not suitable for the elderly consumers and were not in line with their insurance and financial goals. Unfortunately, consumers relied upon Murray’s recommendations and familiarity as a local insurance producer to provide them with sound advice.
“Ms. Murray violated Iowa insurance law by using fraudulent and dishonest practices designed to mislead both the insurers and elderly consumers. As part of the investigation into this complaint filed against Murray, the Iowa Insurance Division was able to work with the insurance carriers to reverse the unsuitable insurance transaction which fortunately minimized the financial impact to the consumers,” Chance McElhaney, Iowa Insurance Division Communications Director said. “Consumers should fully understand and evaluate all options offered to them concerning their finances. If they are at any point uncomfortable or something just doesn’t seem quite right, consumers should call our office or file an insurance complaint.”