Insurance License Revoked

SPRINGFIELD, IL. -- Illinois Director of Insurance J. Anthony Clark has revoked the business entity license of the Snyder General Agency, Inc. of Madison, Wisconsin and the insurance producer license of John W. Snyder of Madison, Wisconsin effective January 18, 2004. Mr. Snyder and the business entity had been licensed since 1985.

Mr. Snyder was licensed to sell life, accident and health and fire and casualty insurance. The licenses of the business entity and Mr. Snyder were revoked as a result of an investigation revealing the misappropriation and improper withholding of $153,443.10 in fiduciary monies, the failure to pay a promissory note of $191,816.56 representing premiums collected and not forwarded to an insurer, the failure to pay over $1,000,000.00 in court judgments representing mainly unpaid insurance premiums, the failure to facilitate and aid the Department in its investigation, and other violations of the insurance code.

Under the Illinois Administrative Review Law they may have the right to appeal and request a stay of the Order. A copy of the Director's Order is attached.