Wisconsin OCI Orders $516,434 in Restitution from Agent
Agent is required to pay over $1 million in additional forfeitures
Madison, WI—After an extensive investigation by OCI, Wisconsin insurance agent Jean Walsh-Josephson has been accused of misappropriating funds, making misrepresentations about insurance policies, and forging customer signatures on insurance documents.
OCI releases a monthly administrative action report that details all the actions taken by OCI against agents and insurers. This particular administrative action was notable for its size and complexity.
"OCI Staff Attorney Robin Jacobs and Senior Insurance Examiner Renee Fabry worked with the victims in this case to ensure Ms. Walsh-Josephson could not prey upon any more unsuspecting consumers. This order is the result of Ms. Fabry's and Ms. Jacobs' hard work and the hard work of many other people inside and outside the agency," stated Insurance Commissioner Ted Nickel. "We're hopeful that this case will serve as a warning to others who are considering misappropriating consumer funds."
In addition to the $516,434 in restitution, Ms. Walsh-Josephson has been ordered to pay a $1,053,406 forfeiture. Her insurance license has also been revoked.
Final Decision and Order
Created by the Legislature in 1870, 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.