A Shelby County insurance agent was among five in Tennessee who faced over $77,000 in fines and license revocation for numerous violations of state law, according to the Tennessee Department of Commerce & Insurance (TDCI).
As announced on Jan. 17, Larry P. Chinn of Shelby County was assessed $7,500 in civil penalties and has his insurance producer license suspended for six months. The agreed final order was effective as of Nov. 26. The investigation determined that he had failed to report an action taken against his license by the Minnesota Department of Insurance, as required by law.
The underlying Minnesota action, occurring Aug. 26, 2014, determined that he had failed to adequately supervise employees that issued misleading policy information and recommended to clients a host of unsuitable premium financed life insurance policies.
The agreed final order found him in violation of three separate insurance laws related to violating a law of the Commissioner, committing an unfair trade practice by way of misrepresentations, and demonstrating untrustworthiness and dishonest conduct. See the agreed final order at bit.ly/LarryPChinn.
The punishments for all five agents were the result of months of work by TDCI’s Insurance Fraud Investigations and Legal teams, who ensure the protection of Tennesseans by holding accountable individuals who are engaged in unlawful activity.
See the full list of offenders at tn.gov/commerce/news/48067.