DCBS Media ReleaseJuly 25, 2002 State orders Beaverton man to leave insurance businessSALEM – The Department of Consumer and Business Services (DCBS) has ordered a Beaverton man, Michael P. Giannetti, to stop transacting insurance in Oregon and fined him $6,000. An investigation by the Insurance Division of DCBS found that Giannetti, whose Oregon agent's license was revoked 1992, was soliciting life and health insurance applications and submitting them to insurers under the signature of a licensed agent, Michael J. DePaolo of Gladstone. The investigation also found that Giannetti misappropriated $40,000 that a friend gave him to purchase an annuity. The order issued by DCBS directs Giannetti to stop selling or servicing insurance policies in Oregon without being licensed as an insurance agent. DCBS revoked DePaolo's agent license in October 2001 for signing insurance policy applications that were solicited by Giannetti. Agents must be licensed by the Insurance Division to sell or service insurance policies in Oregon. Consumers can find out if an individual or firm is licensed by checking the Insurance Division's Web site (www.oregoninsurance.org) or by calling the Agent Licensing Unit, 503-947-7981. |
