DCBS Media ReleaseMarch 23, 2001 State revokes Eugene insurance agent's licensesSALEM – The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a Eugene man, Wayne C. Apple, for violating the Oregon Insurance Code. DCBS also revoked the license of Apple's agency, AV Investments, Inc., which formerly did business as Valley River Insurance in Eugene. An investigation by the Insurance Division of DCBS found that Apple misappropriated premiums he received from a Eugene company for renewal of a commercial auto insurance policy. He also violated state law by transferring funds from Valley River Insurance's premium trust account to the agency's operating account and to his personal business account. In addition, Apple failed to respond in a timely manner to requests for information and records from the Insurance Division. Apple has been licensed as an Oregon insurance agent since 1972. He agreed to the license revocation and to a lifetime ban from working in the insurance industry in Oregon. |
