Officials Seize Assets of Insurance Broker
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IRVINE — State insurance regulators said Wednesday they have seized the assets of an Irvine auto and truck insurance broker that they allege was selling policies without a license and channeling the premiums to other unlicensed firms.
Department of Insurance investigators said they acted last week against KD Excess & Surplus Insurance Services and the two companies to which it allegedly sent premiums: CFG Insurance Co. and CFG Inc.
KD Excess also collected premiums for a third insurer, Atlas Insurance Co., then diverted the premiums into CFG accounts in Nevada, state regulators said.
The Department of Insurance said it revoked KD Excess’ license last July and also barred Atlas from doing business in California.
No one could be reached for comment Wednesday at KD Excess’ Irvine office.
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