An insurance agent based in Twin Falls, Idaho had his license revoked and was fined for pocketing customer premiums into his personal bank account, a statement from the Idaho Department of Insurance said.
Mark J. Lee’s misappropriation of his clients’ funds caused the consumers to lose coverage. Lee was fined $3,000 for commingling the funds, an article on magicvalley.com revealed.
“Insurance agents are required by Idaho Code to deposit insurance premiums into a fiduciary fund,” said insurance director Dean Cameron. “This requirement protects consumers, and any disregard for the law is taken seriously by the department.”
According to a statement released by the state Department of Insurance, Lee purportedly deposited premium payments from consumers into his own account on two occasions and did not forward the payments to his clients’ insurers. By pocketing the funds for himself, Lee caused his clients’ policies to lapse.
