Oklahoma Tells Actuary to Cease Insurance Company Business

Oklahoma Insurance Commissioner John Doak has told an actuary in his state to stop acting like an insurance company.

An emergency cease and desist order against Eagle Actuary Corp. and Terry L. McCrackin for violations of the Oklahoma Insurance Code states that the two “…have acted as an insurance company without having a certificate of authority and without complying with specific requirements for authorized insurers, which is a violation of the Oklahoma Insurance Code.”

The conduct, the order states, 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 directs the company and McCrackin, as well as any affiliated individuals, to cease all activities related to doing insurance business in the state. The order further directs the company and McCrackin to leave its records undisturbed until they can be examined by the Oklahoma Insurance Department.

The order imposes a $10,000 fine. The company and the individual named in the order have 30 days from its issuance to request a hearing before the Commissioner to vacate the order. Violations of the order could result in a $25,000 fine for each violation and/or the payment of restitution to victims.

Source: Oklahoma Insurance Department