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DC Insurance Agent Fined $10,000 for Unauthorized Practices

Tuesday, January 22, 2013

The Department of Insurance, Securities and Banking fined DC insurance agent William J. McNamara $10,000 for unauthorized practices.

A DC resident complained to the department that Mr. McNamara had added a coverage to her policy without her consent and she was paying higher premiums. Subsequently, the insurance company paid the agent an unearned commission.

The department’s investigation revealed that Mr. McNamara had done this to a significant number of policies.

The department entered an administrative agreement including these voluntary remedial actions: 1) to abstain from selling, soliciting or negotiating insurance of any type in the District of Columbia for one year; 2) to complete 16 hours of continuing education, of which eight hours are to be ethics training; 3) to be subject to compliance monitoring by the department for one year; and 4) pay the fine of $10,000.