DCBS Media ReleaseOctober 18, 2005 State revokes Winston insurance agent's licenseThe Oregon Department of Consumer and Business Services (DCBS) has revoked the insurance license of Warren L. Marcotti., Jr., of Winston. Marcotti is prohibited from selling or servicing insurance policies in Oregon. The DCBS Insurance Division received a complaint from a Winston man who said he paid Marcotti for an auto insurance policy but Marcotti did not procure coverage. As a result, the man didn't have auto insurance as required by state law. Marcotti's individual insurance license was revoked October 3 after he did not respond to the Insurance Division's inquiry about the complaint. The license of his Roseburg agency, Bailey and DeBarnardi Insurance, Inc., was revoked in August 2005 for a number of violations of state insurance regulations, including commingling other funds in an insurance trust account, failing to timely deposit premiums in a trust account, and improperly withholding and misappropriating premiums. Marcotti had been licensed in Oregon as a resident insurance producer (agent) since 1990 and was authorized to sell life, health, property and casualty insurance |
