Bonus Scheme Leads to License Loss for North Dakota Insurance Agent

A Bismarck, N.D., insurance agent accused of falsifying insurance applications to qualify for weekly bonuses has lost his agent license.

North Dakota Insurance Commissioner Adam Hamm revoked the license of Michael Krebs. Krebs can no longer do insurance business in the state.

The Associated Press left a message seeking comment from Krebs at the telephone listing for an address listed for him in the state order. He did not immediately respond.

Krebs allegedly received three weekly sales bonuses totaling $1,300 through the scheme. Hamm says Krebs allegedly bought money orders to make payments toward the false policies to make them appear legitimate.

The department issued a cease and desist order against Krebs in March. Krebs consented to the revocation, waiving his right to an administrative hearing.