Thursday, March 31, 2011
Oklahoma City – Oklahoma Insurance Commissioner John Doak issued an emergency cease and desist order Wednesday against Eagle Actuary Corporation and Terry L. McCrackin for violations of the Oklahoma Insurance Code.
The order states that Eagle Actuary Corporation and McCrackin "…have acted as an insurance company without having a certificate of authority and without complying with specific requirements for authorized insurers, which is a violation of the Oklahoma Insurance Code." The conduct, the order states, constitutes "…an immediate danger to the public or is causing or can be reasonably expected to cause significant, imminent and irreparable public injury."
The order directs the company and McCrackin, as well as any affiliated individuals, to cease all activities related to doing insurance business in the state. The order further directs the company and McCrackin to leave its records undisturbed until they can be examined by the Oklahoma Insurance Department.
"One of my responsibilities as Insurance Commissioner is to ensure that every company and individual offering to sell insurance in Oklahoma is properly licensed to do so," Insurance Commissioner John Doak said. "This company and this individual were not properly licensed. My department will diligently pursue any company or individual that violates this law."
The order imposes a $10,000 fine. The company and the individual named in the order have 30 days from its issuance to request a hearing before the Commissioner to vacate the order. Violations of the order could result in a $25,000 fine for each violation and/or the payment of restitution to victims.
Consumers are encouraged to call the Oklahoma Insurance Department and confirm that any company offering insurance or insurance-like products is properly licensed to do business in Oklahoma. The Oklahoma Insurance Department’s consumer hotline is (800) 522-0071.
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ABOUT THE OKLAHOMA INSURANCE DEPARTMENT
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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For more information contact:
Shawn Ashley
(405) 521-4525
(405) 568-6004
e-mail: shawn.ashley@oid.ok.gov