Insurance License Revoked

SPRINGFIELD, IL. -- Illinois Department of Insurance has revoked the insurance Business Entity license of DenRay Insurance Services of Chicago, Illinois and the insurance producer license of Dennis Raimo of Lockport, Illinois effective February 29, 2004. DenRay Insurance Services had been licensed since February 16, 2001 and Mr. Raimo had been licensed since March 16, 1999.

Both were licensed to sell life, accident, health, fire and casualty. The licenses were revoked as a result of an investigation, which revealed that the Licensees misappropriated and improperly withheld premium monies, misrepresented the terms of a proposed policy of insurance, had Premium Fund Trust Account record keeping violations and they failed to facilitate and aid the Director in an examination.

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