War on crooked agents

Steve Poizner, California’s
insurance commissioner, does not believe in playing around when it
comes to imposing discipline on insurance agents in which the
California Department of Insurance’s (CDI) Enforcement Branch
plays a prominent role.

Putting it simply, Poizner
said in a recent release: “Insurance agents are trusted to look
after their clients’ best interests. When agents break that trust,
it’s wrong and it’s illegal, and I will not let any crooked agents
get away with it.”

Indicating his determination,
according to the CDI, the CDIEB has made nearly 2,800 insurance
fraud-related arrests since Poizner took office in January 2007, a
record number during any commissioner’s three-year term in
office.

Among the latest to fall foul
of the CDIEB is Elio Ribeiro, who is accused of illegally replacing
10 life insurance policies which had been previously sold to his
clients.

According to the CDI, Ribeiro
received a staggering total of $11.46m in commissions from the
insurance company with which he placed these new
policies.

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