Commissioner Mike Geeslin announced the enforcement of all fines charged but the Texas Department of Insurance. “The actions include three license revocations, four license denials and fines and restitution totaling $866,981.” ( tdi.tx.us) These enforcements spread all over the state as well as in other parts of the country. Reasons are for criminal offense, selling without a license and not responding to issues in a timely manner.
The importance of this news extends to the safety of the consumer. Please do not ever feel as if you are alone in the insurance market. The insurance companies are not operated by the state however, they are regulated by the state. If you ever have any recourse on your bad experience with an insurance company, your tax dollars are paying for a government entity to help you out. If you look deeper you will see that the license denials are a big deal as well. The reason for licenses being rejected; crimanl offense. This means that someone with a criminal record cannot sell you insurance. I would be willing to bet that this is not 100% however, you can sleep well knowing that all records are reviewed and if necessary denied. I have never heard of any license revocations or denials in Grand Prairie or Arlington.
I also read of many fines due to someone not complying with proper continuing education requirements. These are very important requirements for all licensed agents because we are the ones with the knowledge to sell you something you are “required” to buy. Please continue to read on the Texas Department of Insurance website. It is a plethora of information.