The IA has banned a former insurance agent from applying for a license for five years due to mishandling and misappropriating premium payments from two policyholders. The agent deceived the policyholders by accepting their payments but using the funds for personal purposes instead of forwarding them to the insurer. The insurer conducted an audit and discovered that the agent had also failed to pay another client’s premium, leading to the policy lapsing. The IA terminated the agent’s contract and imposed a lengthy ban to signal zero tolerance for such misconduct, stressing the importance of trust and integrity in the insurance market and urging policyholders to use official payment channels when dealing with licensed insurance agents.
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