Rexburg insurance agent loses license for unfair trade practices

The Idaho Department of Insurance revoked the insurance producer license of Jordan Tait of Rexburg for unfair trade practices and imposed an administrative penalty of $10,000 on August 1.

DOI officials report Tait admitted to paying the initial premium for a client in order to meet his quarterly production goals and stay on the agent subsidy loan program provided by his company. As an inducement for customers to purchase life insurance policies, he paid the initial premiums on ten separate occasions. Idaho Code Title 41, Chapter 13, outlines specific trade practices, including rebating of premiums, which are prohibited.

Tait must pay $2,000 of the penalty while the remaining $8,000 is suspended.

Tait may not reapply for an insurance producer license for five years, at which time the suspended amount must be paid in full.

Tait said that as a newly licensed insurance agent, he relied on bad advice. “I should have known that doing so was a violation of state regulations, but I didn’t at the time,” said Tait.”While I regret and have learned a valuable lesson from my mistakes, I have never had any intention to be dishonest or deceptive to any of my clients, employees or employers.”