Posted by (American Life Insurance Guide 04/02/2019/Report from Los Angeles) California Insurance Bureau recently launched an investigation and arrested a ChineseInsurance broker.Allegedly, the broker stole tens of thousands of dollars in premiums from clients. During this period, the broker failed to provide insurance protection for these clients, exposing clients to major financial risks.
“California consumers should be able to trust that their insurance agents are looking out for them and ensuring they are protected. These agents not only allegedly stole from their clients, they put their clients at great financial risk.”
"California consumers should be able to trust that brokers really care about them and ensure they are protected," said Ricardo Lara, the newly appointed insurance commissioner of the California Insurance Bureau. "These (arrested) brokers not only allegedly steal from their clients, but they also expose their clients to huge financial risks."
Chih Ming Huang (transliteration: 黄智民), also known as James Huang,He is a resident of the Luolangang Chinese community, 41 years old this year.He was accused of allegedly stealing nearly $14,000 from more than three customers, and failed to provide insurance to his customers, and was also charged with multiple crimes of corruption, theft and forgery.
The California Insurance Bureau launched an investigation after receiving a complaint from Huang’s previous employer, Farmers Insurance Company, and found that between 2011 and 2013, Huang used to provide insurance to customers and then canceled the insurance without the customer’s knowledge, embezzling premiums .
The refund check after canceling the insurance should be given to his customer, but Huang changed the insurance company's record address to the location of his choice.Then Huang applied for a refund under his alias, cancelled these policies, received the refund in his own name, and deposited it into his personal bank account.
The California Insurance Agency is taking enforcement action against Huang's insurance license.The case was prosecuted by the Los Angeles District Attorney, and Huang will appear in court on March 2019, 3.
Currently, Huang's insurance broker advertisements still appear on the Chinese community network.
(Reported by American Life Insurance Guide Network)
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