Dept of Insurance Revoked the License of Richard L. Van Dyke
Warns Consumers Not to Conduct Business with Dick Van Dyke Financial LTD
CHICAGO - March 11, 2013. The Illinois Department of Insurance (DOI) is alerting consumers that Dick Van Dyke Financial LTD, of Springfield and producer Richard L. Van Dyke, of Sherman are no longer licensed in Illinois to do insurance transactions. The Department revoked the license for the business entity and Mr. Van Dyke’s producer license after investigations revealed replacement violations, incorrect information on suitability forms, and the use of an advertising website that was not approved by insurers. An investigation by the Secretary of State’s Office found annuity sales to consumers cost them more than $235,000 in surrender fees; and the Attorney General’s Office has announced action against Mr. Van Dyke for misleading advertising.
Dick Van Dyke Financial LTD, of Springfield and producer Richard L. Van Dyke, of Sherman –
On Friday, March 8, the Department sent notification the insurance producer licenses had been revoked. Mr. Van Dyke had been licensed to sell life, health and variable lines of insurance since 2005. The licenses were revoked based on based on an investigation that revealed dishonest practices, demonstrations of incompetence, untrustworthiness and financial irresponsibility in the transactions of business in this state. The Order of Revocation, which includes a $25,000 civil penalty, takes effect 30 days after the notification was sent.
Mr. Van Dyke has 30 days to request a hearing regarding the Department’s action.
The Department’s mission is to protect consumers by providing assistance and information, by efficiently regulating the insurance industry’s market behavior and financial solvency, and by fostering a competitive insurance marketplace. The Illinois Department of Insurance assists consumers with all insurance complaints, including health, auto, life, and homeowner. Consumers in need of information or assistance should visit the Department’s web site at insurance.illinois.gov or call our toll-free hotline at (866) 445-5364.