DEPARTMENT OF INSURANCE - SAN FRANCISCO

BETWEEN OCTOBER 31, 1999 AND JANUARY 12, 2000, MR. KAY WAS NOT AUTHORIZED TO ACT AS A LIFE AGENT IN CALIFORNIA. DURING THE INTERIM, MR KAY CONTINUED TO TRANSACT INSURANCE BUSINESS IN CALIFORNIA. HE INSTRUCTED HIS ASSISTANT TO PREPARE A FALSE RENEWAL WHICH WAS DONE AND FORWARDED TO ASCENSUS FINANCIAL AND FINANCIAL BROKERAGE

Decision & Order of Offer of Settlement

Suspension

MR. KAY'S RESTRICTED LICENSE BE SUSPENDED FOR FIFTEEN (15) DAYS FROM THE EFFECTIVE DATE OF ITS ISSUANCE

I WAS LATE SATISFYING REMEWAL REQUIREMENTS FOR MY CA INSURANCE LICENSE. DELAYS DUE TO MY NEGLECT, WERE EXTENDED BECAUSE OF PROCESSING TIME. AFTER THINKING THAT I HAD MET THE REQUIREMENTS, BUT WHILE STILL WAITING FOR MY OFFICAIL PRINTED LICENSE, I BECAME IMPATIENT AND SUBMITTED MY THEN CURRENT LICENSE WITH A "FALSE DATE" TO E XPEDITE MY PAPERS WITH AN INSURANCE COMPANY AND INSURANCE BORKERAGE KNOWING THAT RENEWED LICENSE WAS COMING, BUT NOT KNOWING WHEN. THE FALSE COPIES WERE FORWARDED TO THE DOI BY THE COMPANIES, THE DOI THEN SENT ME A LETTER ABOUT MY ACTIONS TO WHICH I RESPONDED WITH AN ADMISSION OF GUILT, EMBARRASSMENT, AND REGRET, THEY THEN SENT ME MY RENEWED LICENSE SO, RELIEVED, I MISTAKENLY BELIEVED THE MATTER WAS OVER. MORE THAN YEAR LATER, I AGAIN HEARD FROM THE DOI REGARDING THIS MATTER, A HEARING WAS HELD UPON WHICH I AGAIN ADMITTED MY POOR JUDGMENT AND REGRETS