BAINBRIDGE -- After a five-month investigation, Indiana Commissioner of Insurance James Atterholt has permanently revoked the license of a Bainbridge insurance agent.
The Indiana Department of Insurance suspended the license of Bradley K. Buchanan, owner of Bright & Williamson Insurance Services II Inc., which did business as Buck Insurance Services, on Sept. 11. The IDOI had been investigating Buchanan for about a month when the suspension was issued.
Late last week, an agreed entry signed by representatives of the IDOI and Buchanan was submitted to the commissioner of insurance for approval, court documents said.
A final order, filed Jan. 9, took effect immediately and permanently revoked Buchanan's personal insurance producer license and also the license assigned to Bright & Williamson.
"Respondent Bradley K. Buchanan shall not in any way whatsoever take any part, or assume any role, in the ownership, operation or management of any insurance agency licensed to do business in Indiana," court documents said.
Court documents alleged Buchanan "improperly withheld, misappropriated and/or converted to (his) own use money belonging to others received in the course of the practice as an insurance producer," "falsified insurance documents presented to clients and to the department," and "failed to timely provide information requested by the department."
Signing the entry means that Buchanan waived his right to petition for judicial review of the agreement and the final order, and also that he neither admits nor denies the allegations that led to the suspension of his insurance license. It also means he agreed to the permanent revocation of his license.
"The department will not seek further penalties against (Buchanan), but will cooperate with any criminal investigation that had been or may be initiated as a result of the allegations in this matter," court documents said.
Putnam County Prosecutor Tim Bookwalter said he has not received any information on Buchanan's license revocation and that no criminal charges against Buchanan have been filed at this time.
The investigation into Buchanan's practices was launched after several people lodged complaints against him with the IDOI.
Buchanan, who incorporated Buck Insurance in 1991, opened the Bainbridge office earlier this year, he said. He said in September he was "blindsided" by the news of the investigation.