N. Y. Dept. Revocations Of Producers' Licenses Result From Failure To Remit Premiums, Lowballing.

• Date: 10 June 2019

The licenses of 14 New York insurance brokers and agents have been revoked by the New York Insurance Department, most of them after disciplinary hearings, but ome by stipulation in which the producers agreed to the revocation action.

The department also assessed fines against producers amounting to a total of approximately $60,000, but the number was influenced by a fine amounting to $50,000.

In its disciplinary release dated April 18, the department reported the following revocations which followed hearings.

Dagoberto Cabral, an agent and broker in Mount Vernon, was convicted of con piracy to distribute cocaine and of falsely reporting an incident. in addition, the department said that insurance applications submitted to the New York Automobile Insurance Plan while Gabral was in prison, listed his name as producer of record.

FRR Brokerage, Inc., a broker located in the Bronx and the firm's sublicensee, Judith Rivera, of Riverdale, issued premium checks that were dishonored. Not all of them were replaced. The department aid Rivera disregarded the NY AIP rating manual and engaged in lowballing, making low premium estimates on applications for competitive purposes.

Chris Gedney, an agent in Mahopac...