Former Tennessee Insurance Agents Face $100K Fine, License Revocations
NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) announces disciplinary actions against two former Tennessee insurance agents who violated insurance laws and abused Tennessee insurance consumers.
Former insurance agents Lisa Michelle Perry (Kingsport, Tenn.) and Sharon Kaye Anderson (Oakland, Tenn.) must pay $100,000 and $5,000 civil penalties, respectively, as part of their punishments. Additionally, their insurance agent licenses have been revoked.
The punishments were the result of months of work by TDCI’s Insurance Fraud Investigations and Legal teams who ensure the protection of Tennesseans by holding accountable insurance producers who are engaged in unlawful activity.
“Tennesseans deserve and demand quality service from their insurance producers,” said TDCI Commissioner Julie Mix McPeak. “An insurance producer license is a privilege, and these individuals violated the trust of the Tennessee public and, therefore, have lost that privilege. The Department will continue to enforce our insurance statutes and will not hesitate to remove bad actors from the business of insurance.”
Details of the cases include:
Lisa Michelle Perry: As a result of a default hearing held on March 12, 2015, A Final Order was issued by an Administrative Law Judge (ALJ) on April 14, 2015, revoking Perry’s Tennessee insurance producer license and issuing a $100,000 civil penalty. The ALJ penalized Perry for numerous violations of state Insurance Law. Specifically, Perry was found to have used dishonest practices and demonstrated untrustworthiness in the conduct of business. Perry’s conduct included identity theft and the unlawful use of another insurance producer’s license information to wrongfully procure insurance sales and fraudulently collect a total $3,308.58 in commissions, providing misleading information on applications to the Department, and having her license revoked in other states.
Sharon Kaye Anderson: On May 20,, 2015, TDCI entered into a Consent Order with Sharon Anderson, revoking her insurance producer license and imposing a $5,000 civil penalty for violating Tennessee Insurance Law for having been convicted of a felony, using fraudulent and dishonest practices and demonstrating financial irresponsibility in the conduct of business. Anderson was found to have misappropriated a total of $318,587 from a client trust fund for her own personal use and enjoyment. Her actions also led to a criminal felony conviction.
About the Tennessee Department of Commerce and Insurance: TDCI is charged with protecting the interests of consumers while providing fair, efficient oversight and a level field of competition for a broad array of industries and professionals doing business in Tennessee. Our divisions include the Athletic Commission, Consumer Affairs, Tennessee Corrections Institute, Emergency Communications Board, Fire Prevention, Insurance, Tennessee Law Enforcement Training Academy, Peace Officers Standards and Training, Regulatory Boards, Securities, and TennCare Oversight.
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