Oregon Revokes Producer’s License

Oregon’s Department of Consumer and Business Services Insurance Division announced it has revoked the insurance license of Yo Song Lee.

Lee has been licensed in Oregon as a resident individual insurance producer since April 2002, and was last recorded as having a business and residence in Seattle.

According to DCBS, Lee misappropriated money, resulting in its enforcement action. DCBS records show that in April and May 2006, Lee received from an automobile dealership in Oregon four checks totaling $4,390 as payment of the premium for insurance provided or to be provided by various insurers of the Farmers Insurance Group to various persons who purchased automobiles and insurance at the dealership. Lee deposited the checks into a Farmers’ trust account. After Lee deposited the checks, Lee discovered that the amount paid was more than the amount owed for the insurance. Lee paid to Farmers the amount owed for the insurance, but used the excess
amount to pay the premium for his automobile insurance. Subsequently, Lee reimbursed the dealership the excess amount.

Lee failed to notify the DCBS of a change in business address as required by law. Sometime in June 2006, Lee discontinued working
as an insurance producer at Farmers in Oregon. He moved from his residence in Oregon sometime in May 2007 to Seattle. Thus, DCBS said Lee was required tonotify the director of this change by at least July 2007.

As consideration for the director not continuing to investigate Lee and not taking additional enforcement action against Lee, Lee agrees to not apply for any license authorized by ORS Chapter 744, DCBS said.

Source: DCBS