DCBS Media Release
May 22, 2001
State revokes former Portland insurance agent's license
SALEM - The Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of a former Portland woman, Elaine L. Koback, for violating Oregon insurance regulations.
The violations occurred in 2000 when Koback operated Koback & Gross, Inc., a Portland insurance agency. An investigation by the Insurance Division of DCBS found that Koback misappropriated an insurance premium refund from Dairyland Insurance Co. that was supposed to be paid to a policyholder.
Koback waited almost two months before sending the refund to the policyholder. Her check bounced and she never paid the refund.
Insurance Division administrative rules require an agent to pay a premium refund to a policyholder within 30 days of receiving the money from an insurance company.
Koback agreed to the license revocation and to a lifetime ban from working in the insurance industry in Oregon. She had been licensed as an Oregon insurance agent since December 1992.