Outlaws online online licenses, insurance companies
With hundreds of sites online sale of insurance, the state regulator face harder to catch these challenges, defy the law.
In June, Martigny Cox of Oklahoma’s Department of Insurance has stumbled on a line of social insurance has been activity in the State without the proper licenses.
Cox, Assistant General Counsel with the department, put online after receiving a complaint from a commercial radio that the Web site. She received an offer for life insurance and a turnover of command.
The company, the rate Life Holdings Inc., is a bona fide companies with their headquarters in Miami, the company has for almost two decades. For the past five years, the online store. Although it has met all requirements for approval in his State of origin Florida, the rate Life under the license has not been sufficient for its operations in Oklahoma, because it lacked a license Corporate which is necessary, Oklahoma, but not in Florida.
According to the licensing model problem was discovered, Oklahoma Insurance Commissioner Carroll Fisher has proposed a ceasefire and drain, to learn about the company and its website, LifeQuote.com. “We can and we will respect the law of the Oklahoma insurance, even in cyberspace,” said Fischer in a statement. “A distribution insurance Oklahoma message transmitted via the Internet remains the law of Oklahoma.
Once the Division provides the armistice and drain order, the lives of files for additional royalty rates they need, and that the company was not fine, “said Fisher. But the case also shows good intentions of promoting their services on a Web site can not take with 50 types of government regulations - and how easy it is for a lawyer online insurance curve to deceive public opinion d to escape detection regulation.
At least for now, consumers must be cautious in shopping online.
“If a buyer fail to do so, its Due Diligence and purchases on the Internet based on the price alone, whether he could file a requirement that is not something else,” said Fisher, a mediator was for 35 years. “What’s going fact is that we have some horror stories.
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