Date: March 13, 2006
For more information contact: Eileen Mallow, Assistant Deputy Commissioner, (608) 266-7843 or eileen.mallow@wisconsin.gov

Commissioner of Insurance Orders Agent Mark Sirianni
to Pay a $281,000 Forfeiture

Madison, WI—Wisconsin Insurance Commissioner Jorge Gomez has issued a final order in the case of Mark B. Sirianni, an insurance agent located in Wausau, Wisconsin. Sirianni has been ordered to pay restitution to 40 elderly consumers and a $281,000 forfeiture, and had his license to sell insurance revoked.

In April 2005, Commissioner Gomez summarily suspended Sirianni's license. Gomez's order finds that Sirianni repeatedly violated the law by making unsuitable sales of annuities to elderly consumers.

"Consumers, and particularly the elderly, need to be prudent when considering buying annuity contracts," Gomez said. "If an insurance agent pressures you to buy an annuity, you are encouraged to complain to my office." Gomez added that responsible insurance agents will not pressure customers with tactics such as prolonged sales calls or insist that a customer drive to a bank to withdraw funds to conclude a sale.

Sirianni was also alleged to have:

• Made multiple misrepresentations to consumers, insurers, and the Office of the Commissioner of Insurance (OCI).
• Forged signatures.
• Used false and misleading advertisements and representations in the sales of annuities.
• Violated the Commissioner's summary suspension order by continuing to sell annuities after the suspension of his insurance agent's license.

OCI recently published a brochure, Understanding Annuities, to assist consumers who are considering the purchase of an annuity that is available by contacting the agency. Consumers with questions, concerns or complaints about their insurance coverage, or who feel pressured to purchase insurance should contact the OCI Complaint Section at (800) 236-8517 or at oci.wi.gov.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.