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MARYLAND INSURANCE ADMINISTRATION

JUNE 24, 2004

LOCAL OFFICE

XI. DESK AUDIT

District A66 American, MD The examiners selected from the Agency’s complaint register, two agents, that upon review had complaints registered by policyholders for misrepresentation. The office supervisor was notified that access to the individual offices of the designated agents would be required. The examination process consisted of a complete review of all office materials used by the agent, inclusive of:

  • Advertising

  • Applications

  • Rate Books

  • Leads Generating Systems

  • Complaint Responses

  • Illustrations

  • Pending Surrender Forms

  • Pending Dividend Withdrawal Form

  • Pending Conversion Applications

  • Deposit Sheets

  • Duplicate Replacement Forms

  • 1035 Exchange Forms

  • Checks or Refunds Being Held

  • Home Office Communications

  • Training Materials

A review of the offices of the two selected agents did not reveal any one compelling action or violation of Maryland laws. While these agents did appear on the Company’s listing of agents responsible for specific breaches that included misrepresentation, replacement and churning, their individual office files did not reveal such in the review. These discrepancies will be discussed later in the report.

_____________________________________________________________________________________________

MET LIFE REPORT NO. 786-01

PAGE 18

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