 The department revoked the license for the business entity and Van Dyke's
producer license after investigations revealed replacement violations, incorrect
information on suitability forms and the use of an advertising website that was
not approved by insurers. An investigation by the secretary of state's office
found that annuity sales to consumers cost them more than $235,000 in surrender
fees; and the attorney general's office has announced action against Van Dyke
for misleading advertising.The department sent notification on March 8 that
the insurance producer licenses had been revoked. Van Dyke had been licensed to
sell life, health and variable lines of insurance since 2005. The licenses were
revoked based on based on an investigation that revealed dishonest practices,
demonstrations of incompetence, untrustworthiness and financial irresponsibility
in the transactions of business in the state. The revocation order, which
includes a $25,000 civil penalty, takes effect 30 days after the notification
was sent.
[to top of second column] |
Van Dyke has 30 days to request a hearing regarding the department's
action.
___
The mission of the Department of Insurance is to protect
consumers by providing assistance and information, by efficiently
regulating the insurance industry's market behavior and financial
solvency, and by fostering a competitive insurance marketplace. The
department assists consumers with all insurance complaints,
including health, auto, life and homeowner. Consumers in need of
information or assistance should visit the department's website at
insurance.illinois.gov
or call the toll-free hotline at 866-445-5364.
[Text from
Illinois Department of
Insurance
file received from
the
Illinois Office of
Communication and Information] |
