DCBS Media Release

March 19, 2001
For More Information:
John Piper, 503-947-7213

State revokes Beaverton insurance agent’s license

SALEM – The Department of Consumer and Business Services (DCBS) has revoked the insurance agent’s license of a Beaverton man, Edward S. Narayan, and fined him $1,000 for violating the Oregon Insurance Code.

After an investigation by the Insurance Division of DCBS, Narayan admitted that he violated state law by misappropriating a check made payable to an elderly man for the cash surrender of a life insurance policy. He repaid the money almost a year later after the man’s son threatened to contact the police.

At a hearing on the matter, Narayan argued that his licence shouldn’t be revoked because of a single violation that he said resulted from a “momentary lapse of judgement” caused by hypothyroidism. Hearing Judge Ella D. Johnson disagreed, saying she didn’t believe Narayan’s medical condition excused his conduct. She also pointed out that 13 complaints had been filed against him from 1991 to 2000, although none resulted in disciplinary action.

Narayan is prohibited from selling or servicing insurance policies in Oregon.

Proposed Order; Final Order