Fraud

Letter | Don’t applaud regulatory agency yet for finally punishing agent who preyed on clients

March 18, 2014 

I'm emeritus from both the life underwriting profession and living with the benefit of aggressive state regulatory government. -- and motivated to share this with the readers:

Let's not be so happy about our state's Department of Insurance, just because it recently nailed and mandated restitution from life insurance agent Rick McDavid and several life insurance companies for their fraudulent, illegal, and unethical financial rape of several innocent families.

After all, this is the same agency, charged with the mission of enforcing consumer protection laws and protecting us from rip-offs, that for years dismissed victim complaints merely on the ridiculous grounds that McDavid claimed innocence, thus inviting him to continue victimizing its constituents.

So, at last, although several years late, the agency has done its duty about McDavid. But, what about the equally guilty (willful disregard of suitability, insurable interest, and agency ethics standards) life insurance companies? Why aren't their licenses revoked? In fact, we and our honorable life insurance agents aren't even told who they are, so that we can avoid placing our good-faith business and trust with them.

Even if this ID-suppression is by agreement -- and it surely shouldn't be -- I suppose we could find out by searching at the D.O.I. or some obscure legal notice posted somewhere -- but shouldn't it offer the names as widely disseminated news, if for no other reason than as token insulation from the effects of its failures at the public's expense?

One also can suspect that the agency wouldn't have done much of anything without the perseverance of the victims' dedicated attorney, L. Sidney Connor., IV.

It's encouraging to see that D.O.I. finally has done something to carry out its duty to us, but only partly. We need and deserve it to do all of its job.

The writer lives in Murrells Inlet.

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