Medical Malpractice News

Director Finke seeks discipline against producer who made unsuitable sales

JEFFERSON CITY, MO – The Missouri Department of Insurance filed a complaint against Michael A. Bodker, Chesterfield, for allegedly using dishonest and incompetent business practices in the sale of life and health insurance policies.

The complaint states that between 1990 and 2004, Bodker sold, solicited or negotiated more than 60 life and health insurance policies among four senior citizens.  During these transactions, Bodker failed to adequately assess each insured’s financial status and history and made several unsuitable financial recommendations.

In February 2005, the Missouri Department of Insurance filed rules that set new standards of suitability and allow the department to discipline producers who fail to comply with these standards.  Unfortunately, these rules are the only state requirements that ensure the suitability of a financial or insurance product and only apply to the sale of variable annuities.

“Making professional recommendations that are in the best interest of the consumer should apply to more than just annuity sales,” said Dale Finke, Director of the Department of Insurance.  “Our department will continue to consult consumers and industry leaders to develop professional suitability standards for these products to ensure the competency of the insurance industry.”

Bodker’s hearing with the Administrative Hearing Commission will be January 8, 2007.  After this hearing, the commission will issue a determination as to whether the department has sufficient grounds to discipline Bodker. 

About the Missouri Department of Insurance

The Missouri Department of Insurance is charged with the responsibility of consumer protection in the regulation of the insurance industry in Missouri.  This includes financial examinations into the financial condition of insurance companies so that they are able to cover claims, market regulation examinations into the conduct of the insurance companies in their dealings with customers, licensing of qualified insurance producers, and a Consumer Affairs division that works to assist consumers with insurance-related complaints, and investigates insurance fraud.  Agents numbering over 90,000 maintain licensure with the Department to transact insurance business in the state of Missouri.  Each year, consumer service representatives with the Department field tens of thousands of phone calls from consumers, providing assistance to Missouri residents who have questions/concerns regarding various aspects relating to insurance.  For more information on services provided by the Missouri Department of Insurance, visit the Department’s website at insurance.mo.gov.

Please contact us if anyone you know has suffered from debilitating injuries due to medical malpractice in Jacksonville.

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