DCBS Media Release

September 18, 2001
For More Information:
John Piper, 503-947-7213

State revokes Salem-area insurance agent's licenses

SALEM – The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a Salem-area woman, Genie M. Wolfer, for violating the Oregon Insurance Code. DCBS also fined Wolfer $4,000 and revoked the license of her Salem agency, Cornerstone Insurance NW, Inc.

An investigation by the Insurance Division of DCBS found that Wolfer and Cornerstone violated state law by "acting in an incompetent or untrustworthy manner." Wolfer was Cornerstone's president and manager. She admitted that she and/or persons she employed and supervised:

• Failed to retain insurance applications
• Failed to retain premiums in an insurance premium trust account
• Failed to keep accurate and complete records of insurance applications and premiums
• Altered premium records
• Created fictitious applications and premium records
• Sent false applications and premium records to insurers
• Withheld premiums from insurers
• Misused premiums to pay business expenses
• Misused premiums from insureds to make payments for other insureds
• Negligently allowed unlicensed employees to transact insurance

Wolfer agreed to the license revocations and to a lifetime ban from working in the insurance industry in Oregon.

Consumers who have questions about insurance purchased through Cornerstone should contact the insurer that issued their policy, or call the Insurance Division, 503-947-7984 or 800-877-4894 (toll-free in Oregon).

Final Order