Insurance commissioner suspends Arizona agent
Insurance Commissioner Carroll Fisher has ordered an Arizona insurance agent to stop doing business in Oklahoma. The agent, Diana Greene, sold bonds over the Internet, primarily to used-car dealers.
Under state law, used-car dealers are required to post surety bonds in order to operate. At least three dealers were alleged to have purchased bonds from Greene that they later learned were bogus, according to Fisher.
In two cases, Greene is accused of providing false documents after the dealers paid for what they thought were legitimate bonds. In one case, she is accused of accepting money but failing to remit the full amount to the insurance company that wrote the bond.
Greene refunded money to the auto dealer in one case, but in the other two she did not, according to documents filed in the case.
Greene was licensed as a nonresident agent.
Greene can request a hearing before Fisher on the matter, but in the meantime, she has been prohibited from conducting business in any capacity, Fisher said.