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Kansas Insurance Commissioner Sandy Praeger
Issues Cease and Desist Order
7/7/07 - Topeka, KS - Insurance Commissioner
Sandy Praeger has issued a cease and desist order against
a company engaged in the unauthorized sale of insurance
in the state of Kansas. The Tennessee based non-profit
corporation, National Foundation of America (NFOA),
was purportedly responsible for the advertising and
issuance of tax-deductible annuities without submitting
to the examination of the Insurance Commissioner. State
law requires that all companies wishing to engage in
the business of insurance in Kansas submit to the examination
of the Insurance Commissioner for the purposes of determining
the organization and solvency of the company.
Commissioner Praeger issued the order on Tuesday that
instructs NFOA to cease all insurance business in the
state of Kansas. To date, Kansas residents have purchased
over $300,000 worth of products from NFOA. Local authorities
in Tennessee have seized all of NFOA’s assets
but the investigation of NFOA operations is ongoing,
and additional action against the company is possible.
If Kansas
residents have purchased policies from the NFOA or if
they are solicited by anyone attempting to sell insurance
products or securities from NFOA they should immediately
contact the Kansas Insurance Department Consumer Hotline
at 1-800-432-2484
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