A Caldwell bail agent’s license was suspended for a year after an investigation revealed she mishandled money from insurance premiums.
An Idaho Department of Insurance investigation found Ann Marie Banda deposited at least one check into a non-fiduciary account and she made personal purchases from a separate fiduciary account numerous times, according to a news release from the department.
Idaho Insurance Code requires agents to deposit insurance premiums into a fiduciary account that is separate from personal funds.
“One of the rules of the department is to protect the public,” said Tricia Carney, spokeswoman for the Idaho Department of Insurance. “By agents following these guidelines, it ensures that the public gets what they need and is protected in that way.”
Banda told the Statesman that the deposit and purchases were accidents. Both incidents involved her grabbing the wrong checkbook or debit card by mistake, she said, and the erroneous deposit was quickly rectified after the check being deposited bounced.
Banda will have to pay a $6,000 penalty. She is eligible to reinstate her license after her suspension and payment of the administrative penalty.
CLARIFICATION: An earlier version of this report was unintentionally confusing as to the nature of the problem the Department of Insurance described. Banda deposited insurance premiums paid to her by a client in a bank account other than that required by state regulations.