DCBS Media Release
July 22, 1998
North Bend insurance agent's licenses revoked
The Oregon Department of Consumer and Business Services (DCBS) has revoked the insurance agent's license of Titus T. Lipping of North Bend. As a result, he is prohibited from selling insurance or servicing clients in Oregon.
Lipping also was fined $8,000. In addition, the license of his agency, ABC Insurance Services, was revoked.
An investigation by the Insurance Division of DCBS showed that in December 1996 or January 1997, Lipping failed to deposit about $3,000 in insurance premium payments into his premium trust account within seven days as required by the Oregon Insurance Code. Lipping also did not forward more than $1,100 in premium payments from 14 persons to their insurance companies from May to July of 1997.
The insurance licenses of Lipping and ABC Insurance Services were revoked effective July 16.
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