State Orders Michigan Dealer to Stop Selling Insurance
Michigan insurance regulators have ordered a Detroit dealer to stop selling insurance without a license. After selling insurance to more than 25 customers, the agency found that the dealer provided incorrect information, insufficient coverage or failed to pay for the policies.
DETROIT — Michigan’s Department of Insurance and Financial Services (DIFS) has ordered Monaco Motors to cease selling insurance without a license, reports the Insurance Journal.
A DIFS investigation found more than 25 instances of consumers purchasing what they thought was auto no-fault insurance in conjunction with the purchase of a vehicle from the dealer. Regulators found that Monaco Motors provided incorrect or misleading advice, insufficient or non-existent no-fault coverage, or simply failed to pay for the necessary policies.
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