Department of Insurance revokes license of Segal, Near North; Levies $1.5 million in fines and orders $1 million in restitution

CHICAGO - The Illinois Department of Insurance (DOI) has revoked the licenses of insurance producer Michael Segal of Chicago and his firm, Near North Insurance Brokerage, Inc. The DOI also imposed on Segal and Near North a record $1.5 million fine and ordered more than $1 million in restitution to consumers.

"Mr. Segal violated Illinois insurance law and misappropriated monies required to be held in trust, and also failed to repay money owed to consumers," said Deirdre Manna, Acting Director of the Department of Insurance. "This action caps the most comprehensive investigation against the largest insurance producer that this State has ever undertaken."

The revocation is effective 30 days from the mailing of the revocation orders. Segal and Near North have the right to request a hearing on this action with in 30 days under 50 Ill. Adm. Code 2402 and Section 408(5)(a) of the Illinois Insurance Code (215 ILCS 5/408).

NOTE: The complete Department of Insurance order regarding Segal and Near North is available by calling (312) 814-5304 or (217) 524-8195.