Oklahoma Insurance Commissioner John Doak has levied a $10,000 fine against a Tulsa company for conducting insurance business without a license.
In an emergency order, Doak directed Eagle Actuary Corp. and Terry L. McCrackin to stop conducting insurance business immediately.
The order claims the company violated the Oklahoma Insurance Code by acting as an insurance company without a certificate of
The company and McCrackin have 30 days to request a hearing to challenge the order. Each violations of the order could result in a $25,000 fine.
The order directs the company and McCrackin to preserve its records until they can be examined by the Insurance
The company's conduct constitutes “an immediate danger to the public or is causing or can be reasonably expected to cause significant, imminent and irreparable public injury,” the order states.
“One of my responsibilities as insurance commissioner is to ensure that every company and individual offering to sell insurance in Oklahoma is properly licensed to do so,” Doak said. “This company and this individual were not properly licensed. My department will diligently pursue any company or individual that violates this law.”