December 15, 2009
area agent was served by Department of Insurance Fraud Section Investigators
today with a six month license suspension and fine notice for
alleged misappropriation of premiums.
Olatunji Kareem Sule (29) was served by Department of Insurance Fraud Section
Investigators today with a six month suspension of his license and a $1,000
fine notice. Sule is alleged to have collected $1,486.65 in premiums from
policyholders, which he did not remit to the insurance company. His cash
bond was applied toward this amount leaving him owing the company $1,305.84.
Department records show that Sule was issued an Industrial Fire license
in December 2007 which expired in April 2009. He currently holds a Life Insurance
license issued in May 2008 and a Home Service license issued in December
2007, both of which are valid through April 2010. His valid licenses will
be suspended for six months beginning 30 days from time of service. Sule
has 30 days from time of service to request a hearing with the Department
and seek reversal of this decision.
Commissioner Donelon urges consumers who feel uneasy about any insurance
related transaction to call the Department of Insurance Fraud Section at
225-342-4956 or 1-800-259-5300. If callers do not want their names used,
they can request that their involvement be kept confidential.