June 15, 2000
DISR Releases Enforcement Actions
Washington, DC - The DC Department of Insurance and Securities Regulation (DISR) released the following enforcement actions taken against agents and companies licensed to conduct business in the District.
Enforcement actions are taken after an investigation reveals violations of District statutes or regulations. If a formal charge is filed against the individual or company, a hearing is held before the Insurance Commissioner. Enforcement actions follow:
April 26, 2000: Jeffery M. Robinson, (Order # SC#AB-99-03). In a separate action, Robinson had been convicted of wire fraud and bank fraud, a felony. According to the DC Insurance Agents and Brokers Licensing Act, such a conviction is cause for license revocation. He was licensed to sell life and health insurance.
April 27, 2000: Keith Beard, (Order #SC#AB-99-02). Based on an investigation, it was determined that Beard and his company Jobe, Inc. were operating without a valid license. Beard's license had also been revoked in the state of Maryland for failure to remit a total of $28,525.13 for down payments, unearned premiums, and motor vehicle reports. He was licensed to sell property and casualty insurance.
The following insurance company was subject to an examination to determine compliance with District statutes and regulations:
Equitable Liability Insurance Company, $10,000 civil penalty for failing to maintain a paid-up capital of not less than $300,000, and a surplus of not less than $300,000 in violation of DC Code Section 35-1506(a) (1), and 35-1516. The company was fined in lieu of revoking or suspending its license because the public interest would best be served by their remaining in business.
The DC Department of Insurance and Securities Regulation (DISR) has two missions, (1) to provide fair, efficient and fast regulatory supervision of the insurance and securities businesses for the protection of the people of the District of Columbia, and (2) to create conditions that will retain and attract national and international insurance and other financial businesses to the District. | 
