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THE STATE OF CALIFORNIA DEPARTMENT OF INSURANCE (THE "DEPARTMENT") ALLEGES THAT YI FAILED TO TIMELY DISCLOSE A 2010 MISDEMEANOR CONVICTION IN VIOLATION OF CALIFORNIA INSURANCE CODE SECTION 1729.2. THE DEPARTMENT FURTHER ALLEGES THAT, BY VIRTUE OF THREE MISDEMEANOR CONVICTIONS UNDER THE CALIFORNIA VEHICLE CODE, ALLEGEDLY OCCURRING IN 2004, 2005, AND 2010, RESPECTIVELY, ALONG WITH THE ALLEGED FAILURE TO TIMELY REPORT THE 2010 CONVICTION, THERE IS A SUFFICIENT BASIS TO REVOKE OR SUSPEND YI'S LICENSES OR LICENSING RIGHTS WITH THE DEPARTMENT UNDER CALIFORNIA INSURANCE CODE SECTIONS 1668(B) AND 1738.
Resolution
Order
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$2,657.00
Sanctions
Revocation
Broker Comment
ON MAY 14, 2012, THE STATE OF CALIFORNIA DEPARTMENT OF INSURANCE (THE "DEPARTMENT") ORDERED THAT YI'S UNRESTRICTED LICENSES AND LICENSING RIGHTS TO ACT IN THE CAPACITY OF A LIFE ONLY AGENT AND TO ACT IN THE CAPACITY OF AN ACCIDENT AND HEALTH AGENT BE REVOKED AND THAT THERE BE ISSUED TO YI A RESTRICTED LICENSE TO ACT AS A LIFE ONLY AGENT AND ACCIDENT AND HEALTH AGENT BY ORDER OF REVOCATION OF UNRESTRICTED LICENSE AND FOR ISSUANCE OF RESTRICTED LICENSE AND FOR MONETARY PENALTY (FILE NO. LBB 6429-AP (AR). THE DEPARTMENT ALSO ORDERED YI TO PAY COST RECOVERY IN THE AMOUNT OF $2207 AND $450 IN FINES. PURSUANT TO HIS AGREEMENT WITH THE CALIFORNIA DEPARTMENT OF INSURANCE, AND THE ORDER OF THE DEPARTMENT BASED THEREON, MR. YI'S UNRESTRICTED LICENSE WAS REVOKED, AND HE WAS ISSUED A RESTRICTED LICENSE THAT REQUIRES HIM TO OBEY ALL LAWS, BUT WHICH DOES NOT IN ANY WAY IMPACT HIS ABILITY TO CONTINUE TO ENGAGE IN THE BUSINESS OF SELLING INSURANCE. BY FORM U-4 DEFINITION, THIS MATTER IS NOT INVESTMENT RELATED.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.