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Maine License No. PRN191577
National Producer No. 2014931

Docket No. INS-14-211





Effective as of June 16, 2014, your Maine nonresident insurance producer license will be SUSPENDED without further formal proceedings unless you request a hearing as specified below.

The reasons for license suspension are as follows:

  1. The State of Vermont suspended your resident producer license by Summary Order effective March 7, 2014, for the violation of a September 27, 2013, Cease and Desist Order from the State of Vermont Department of Financial Regulation, Securities Division.
  2. The Cease and Desist Order was issued following an investigation by the Securities Division in which it found that you had engaged in unregistered activity as an investment advisor by advising a client to liquidate securities in order to purchase an annuity.
  3. The suspension of your Vermont license constitutes a ground for suspension of your Maine license under 24 M.R.S. § 1220-K(1)(I), for having “an insurance producer license, or its equivalent, denied, suspended or revoked in any other state, province, district or territory.”
  4. Title 24 M.R.S. § 1420-G(1)(A) provides that one of the qualifications for obtaining a nonresident producer license in Maine is for a person to be “currently licensed as a resident and in good standing in that person’s home state.” Therefore, you also do not meet the minimum qualifications for nonresident licensing in Maine while your home state license in Vermont is suspended.
  5. The underlying facts that led to the Cease and Desist Order constitutes a separate ground for suspension pursuant to 24 M.R.S. § 1220-K(1)(H), which provides that a Maine license may be suspended for “fraudulent, coercive or dishonest practices, or demonstrating incompetence, untrustworthiness or financial irresponsibility in the conduct of business in this State or elsewhere.”


Therefore, based upon the above grounds, your Maine insurance producer license is suspended as of June 16, 2014, pursuant to 24-A M.R.S. §§1417 and 1420-K, subject to your right to request a hearing. Your license may be reinstated after your home state license is reinstated, upon your written request for such reinstatement in Maine and confirmation that you hold a currently active home state resident license.

Under the Maine Insurance Code, specifically 24-A M.R.S. §1417 and §1420‑K, you have the right to a hearing before the Superintendent or his designee.  If you request a hearing, you will have the right to present evidence and arguments in your defense, and the staff of the Bureau of Insurance will bear the burden of proving each violation by a preponderance of evidence.

If you request a hearing, you will receive further communication regarding scheduling.  The matters to be determined through the hearing process are whether you committed one or more of the violations listed above, and if so, the appropriate sanctions for those violations.  The sanctions imposed after a hearing can include any available remedy under applicable laws, including the payment of civil penalties.

To request a hearing, you must notify the Bureau of Insurance in writing no later than June 16, 2014. If you do not file a written request for a hearing within 30 days from the time you know or reasonably should have known of the suspension of your license through this Notice and Order, you will lose your right to request a hearing on this license suspension Notice and Order.

Any request for a hearing, as well as all other communications regarding this Notice, Order, and Opportunity for Hearing must be addressed to Bureau staff Attorney Kristina M. Balbo, Bureau of Insurance, #34 State House Station, Augusta, ME 04333-0034.  You may also reach Attorney Balbo by e-mail at or by telephone at (207) 624-8429.


May 13, 2014  _________________________________
    ERIC A. CIOPPA, Superintendent 





Last Updated: June 16, 2014