Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Medical
Malpractice News
Director Finke seeks discipline against producer who made unsuitable sales
Complaint confirms need for tougher suitability standards
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.
The areas where lawyers work.
In general, the courtroom is the arena where lawyers spend most of their time. However, much time is spent outside the courtroom involving research and investigation.
Newsroom
News about Medical Malpractice cases in Jacksonville and nationwide:
Client Security Board Approves Claim
At its January 2007, meeting, the Minnesota Client Security Board approved payment of one claim, in the total amount of $68,299.67, against former ... Read more >
Client Security Board Approves Claims
ST. PAUL -- At its June 2006, meeting, the Minnesota Client Security Board approved payment of seven claims, in the total amount of $18,050, agains... Read more >
Definition:
The appellate court has the right to review and revise the lower court decision.
Dismissal without prejudice
Definition:
A dismissal which permits the plaintiff to sue again on the same cause of action or the state to proceed again. Dismissal with prejudice bars the right to subsequently bring an action on the same cause
Bailiff
Definition:
A court officer whose duties are to keep order in the courtroom and to have custody of the jury.
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Jacksonville LegalMalpractice.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?