CDI Issues Suspension Order for Chicago-based Agent

The California Department of Insurance (CDI) issued an Order of Immediate Suspension against the license of Chicago-based non-resident agent Michael Segal. The suspension was effective August 14, 2002 and is against Segal’s Non-Resident Life Agent and Non-Resident Fire and Casualty licenses.

The suspension order is a result of an Illinois Grand Jury Indictment issued against Segal charging him with failure to properly maintain premiums in a Premium Trust Fund Account as required by Illinois law and also charging that the Premium Trust Fund Account was millions of dollars in deficit, in violation of Title 18 of the United States Code, Section 1033(a)(1) and (2).