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FOR IMMEDIATE RELEASE
April 10, 2013
Media Contact: Maureen Doyle at (517) 335-5834
Consumer Hotline: 877-999-6442
http://twitter.com/miofir
Agency begins operations as governor’s executive order takes effect
The Department of Insurance and Financial Services (DIFS) has issued a cease and desist order against the Detroit-based Monaco Motors, Ltd., Camillo Anthony Monaco, and Darrell Lees, for unlicensed insurance activity.
Initiated by an inquiry from the Secretary of State’s office, DIFS’ investigation uncovered multiple instances of Michigan consumers purchasing what they thought was auto no-fault insurance from Monaco Motors in conjunction with the purchase of an automobile. Monaco Motors acted as an unlicensed insurance agent, providing incorrect or misleading advice, insufficient or non-existent no-fault coverage, or simply failing to pay for the necessary policies and ultimately leaving the consumers without insurance. Over 25 Michigan consumers have found themselves without the required coverage or even the ability to register their newly purchased vehicles with the state.
“Selling insurance in this state without the proper authority is illegal,” DIFS Director Kevin Clinton said. “Consumers are urged to contact our office if they have any questions as to whether or not the person selling them insurance is properly licensed.”
All insurance producers in Michigan are required to have a license on display. Consumers are advised prior to purchasing auto insurance to ask the salesperson to show a copy of their license. Consumers can check to see if an insurance agency or agent is licensed to do business in Michigan by visiting: www.michigan.gov/difs.
DIFS has handed the results of its investigation over to the proper law enforcement agencies.
A copy of DIFS’ cease and desist order can be found at: http://www.michigan.gov/documents/difs/Monaco_CD_EC_11735_SB_Inv_417122_7.pdf
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