DFR Suspends Insurance License of Newport-Area Insurance Producer

Staff Writer

Commissioner Michael Pieciak announced today that the Department of Financial Regulation issued an order suspending the insurance producer license of Benjamin Scherer, NAIC License Number 3210356, of Newport Center, Vermont, effective November 3, 2020, following the discovery of a series of allegedly improper practices in his handling of client files.
Mr. Scherer’s former employer Royer Camp & Associated Insurance Inc. reached out to the Department to share information about the alleged improprieties. The Department’s subsequent investigation found that Mr. Scherer had engaged in a series of activities that were in violation of Vermont law. Specifically, the Department alleges Mr. Scherer put clients at risk by failing to cancel and obtain alternate insurance coverage, while representing that he had done so, leaving them uninsured. Separately, Mr. Scherer also failed to file a claim on behalf of a client despite stating that he had done so, putting the client’s rightful payment in jeopardy. The Department also discovered that Mr. Scherer allowed clients’ policies to expire contrary to their instructions
Commissioner Pieciak concluded that an immediate suspension of Mr. Scherer’s license – pending a hearing request – was warranted to protect Vermont residents from the risk of being uninsured, having claims denied or untimely settled, and of suffering other negative impacts to their financial health and welfare. (Read more in the Newport Daily)

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