Wisconsin Agent Ordered to Repay More than $1M

A Wisconsin insurance agent has been ordered to repay more than $1 million after state regulators found she engaged in multiple unfair trade practices involving an elderly consumer.

The Wisconsin Office of the Commissioner of Insurance (OCI) reported that Blanche Berenzweig appointed herself the consumer’s power of attorney, effectuated personal financial transactions, and knowingly allowed herself to become beneficiary of the consumer’s annuities.

In addition to over $1 million in repayment, Berenzweig’s insurance license has been permanently revoked. Berenzweig is ordered to pay an additional $3,000 in forfeiture, and she may not receive, retain or benefit in any way from the proceeds of the annuity contracts involved.

OCI oversees the operations and marketing of insurance companies and agents in Wisconsin. Each month, OCI releases an administrative action report which details all actions taken against agents and insurers. This particular administrative action was notable for its gravity, according to the commissioner’s office.

“OCI Staff Attorney Lauren Van Buren, Advanced Insurance Examiner Renee Fabry, and many other individuals inside and outside of OCI work diligently to ensure consumers are protected from insurance agents, such as the agent in this case, who seek to benefit or profit from violations of insurance laws,” stated Insurance Commissioner Ted Nickel. “We’re hopeful this case will serve as a warning to others who are considering taking advantage of vulnerable, elderly insurance consumers.”