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Dept. of Insurance revokes the license of Richard L. Van Dyke
Warns
consumers not to conduct business with Dick Van Dyke Financial
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[March 12, 2013]
CHICAGO -- The Illinois
Department of Insurance is alerting consumers that Dick Van Dyke
Financial Ltd., of Springfield, and producer Richard L. Van Dyke, of
Sherman, are no longer licensed in Illinois to do insurance
transactions.
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 The department revoked the license for the business entity and Van
Dyke's producer license after investigations revealed replacement
violations, incorrect information on suitability forms and the use
of an advertising website that was not approved by insurers. An
investigation by the secretary of state's office found that annuity
sales to consumers cost them more than $235,000 in surrender fees;
and the attorney general's office has announced action against Van
Dyke for misleading advertising.The department sent notification
on March 8 that the insurance producer licenses had been revoked.
Van Dyke had been licensed to sell life, health and variable lines
of insurance since 2005. The licenses were revoked based on based on
an investigation that revealed dishonest practices, demonstrations
of incompetence, untrustworthiness and financial irresponsibility in
the transactions of business in the state. The revocation order,
which includes a $25,000 civil penalty, takes effect 30 days after
the notification was sent.
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Van Dyke has 30 days to request a hearing regarding the
department's action.
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The mission of the Department of Insurance is to protect
consumers by providing assistance and information, by efficiently
regulating the insurance industry's market behavior and financial
solvency, and by fostering a competitive insurance marketplace. The
department assists consumers with all insurance complaints,
including health, auto, life and homeowner. Consumers in need of
information or assistance should visit the department's website at
insurance.illinois.gov
or call the toll-free hotline at 866-445-5364.
[Text from
Illinois Department of
Insurance
file received from
the
Illinois Office of
Communication and Information] |
