October 22, 2001
FOR IMMEDIATE RELEASE
CONTACT: CHRISTOPHER GOETCHEUS
Division Of Insurance Fines And Revokes License Of Agent Accused Of Bilking Elderly Policyholder
(BOSTON, MA) The Massachusetts Division of Insurance has permanently revoked the insurance license held by 38-year old Eddy Ekanem of Lexington. This action and a fine of six thousand ($6,000) dollars follows a finding that the former insurance agent for Boston Mutual Insurance Company of Canton, Massachusetts failed to remit premium payments from at least one unsuspecting policyholder. As a result of the Division's finding, Ekanem is permanently prohibited from transacting any insurance business or accepting employment in any insurance business in Massachusetts.
On at least five occasions beginning in September 2000, Ekanem was found to have collected monthly premium payments from an elderly Somerville women who held two policies with Boston Mutual Life Insurance Company. Mr. Ekanem's failure to turn over the premium payments to the insurer resulted in the Somerville policyholder's life insurance terminating for non-payment of premium. The elderly woman has since had her policies reinstated by Boston Mutual.
Boston Mutual terminated its agent appointment with Mr. Ekanem in March, but the Division found that Ekanem continued to misrepresent himself as an agent for the insurer. Consumers of life insurance products and insurers who offer such products should be aware that Mr. Ekanem is permanently precluded from engaging or participating in the business of insurance in the Commonwealth. Consumers who believe Mr. Ekanem may have solicited them for the sale of insurance products since March are urged to contact Attorney Matthew Regan, Director of the Division's Market Conduct section at (617) 521-7306.