DCBS Media Release

May 22, 2001
For More Information:
John Piper, 503-947-7213

State revokes former Portland insurance agent's license

SALEM - The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a former Portland woman, Elaine L. Koback, for violating Oregon insurance regulations.

The violations occurred in 2000 when Koback operated Koback & Gross, Inc., a Portland insurance agency. An investigation by the Insurance Division of DCBS found that Koback misappropriated an insurance premium refund from Dairyland Insurance Co. that was supposed to be paid to a policyholder.

Koback waited almost two months before sending the refund to the policyholder. Her check bounced and she never paid the refund.

Insurance Division administrative rules require an agent to pay a premium refund to a policyholder within 30 days of receiving the money from an insurance company.

Koback agreed to the license revocation and to a lifetime ban from working in the insurance industry in Oregon. She had been licensed as an Oregon insurance agent since December 1992.

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