DCBS Media ReleaseNovember 14, 2001 State revokes Gladstone insurance agent's licenseSALEM - The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a Gladstone man, Michael J. DePaolo, for violating Oregon insurance regulations. An investigation by the Insurance Division of DCBS found that DePaolo had signed applications for life and health insurance policies that were actually solicited by an unlicensed individual. By signing the applications and submitting them to insurance companies, DePaolo represented to the companies that he had personally seen the applicants and had accurately recorded information they provided on their applications. Agents must be licensed by the Insurance Division to sell or service insurance policies in Oregon. DePaolo agreed to the license revocation and to a lifetime ban from working in the insurance industry in Oregon. |
