Date: August 8, 2006
For more information contact: Eileen Mallow, Assistant Deputy Commissioner, (608) 266-7843 or eileen.mallow@wisconsin.gov

Commissioner of Insurance Orders
Agent Travis Gee to Pay a $40,000 Forfeiture

Madison, WI—Commissioner of Insurance Jorge Gomez has revoked the Wisconsin intermediary insurance license of Travis L. Gee, an insurance agent located in Kewaunee, Wisconsin. Gee has also been ordered to make restitution to 7 Wisconsin consumers and to pay the State of Wisconsin a $40,000.00 forfeiture.

Gomez's order finds that Gee repeatedly violated the law by making unsuitable sales of annuities to elderly consumers and making misrepresentations and false communications to consumers and the Office of the Commissioner of Insurance (OCI).

"Consumers, and particularly the elderly, need to be especially cautious when considering buying annuities," Gomez said. "If an insurance agent pressures you or someone you know to buy an annuity, you should contact OCI." 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.

After a hearing, Gee was found to have:

• Made false and misleading communications in the marketing of annuities.
• Sold unsuitable annuities to elderly consumers.
• Made insufficient inquiries to determine the suitability of the annuities he recommended.
• Used methods that endangered the legitimate interests of his customers and the public.

Based on these findings, Gee was found guilty, resulting in the revocation of his insurance license and a $40,000 forfeiture.

"It is important that agents like Gee are penalized for their actions," said Gomez. "This is necessary to protect the public and deter other agents from acting in a similar manner."

Consumers with questions, concerns or complaints about their insurance coverage, or who feel pressured to purchase insurance should call the OCI Complaint Section at (800) 236-8517 or visit the Web site oci.wi.gov for more information about filing complaints and other useful insurance consumer information.

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.