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Local brokers sanctioned

Thu, Dec 2nd 2010 12:00 am
By TRACEY DRURY
tdrury@bizjournals.com | 716-541-1609

The state Insurance Department announced disciplinary actions Nov. 29 against four agents/brokers from Western New York, with two brokers having their license revoked.

Action was taken against dozens of companies, agents, brokers and adjusters operating in New York. All actions for the local individuals were agreed to by the licensees in August and September.

Department actions that result from department hearings are subject to judicial review and possible stay of enforcement:

• Kristi Lynn Edwards of Hamburg had her broker license revoked after collecting insurance premium payments on behalf of various insureds and failing to timely remit those premiums to insurers.

• Gloria Schenback of Delevan also had her broker license revoked after being convicted of a felony.

• Thomas Davies, an agent in Orchard Park, will pay a $1,500 fine after submitting an enrollment form and new-member acknowledgement form for a Medicare Advantage plan without the applicant's knowledge or consent.

• Donald Schaffer, a bail bond agent in Orchard Park, will pay a $1,750 fine after using an unlicensed name when conducting business. He also commingled bail bond premium fiduciary funds with business operating expense funds in a bank account; and failed to timely notify the Insurance Department of a change in his address.