Steven Alan Standridge of Mount Ida, owner of a 17-office insurance agency, had his insurance license yanked by the Arkansas Insurance Department on Tuesday after regulators became convinced that he had forged documents related to collateral on an insurance company he bought last year.
In addition to the emergency suspension order entered against Standridge, the Insurance Commissioner Jay Bradford also issued an order placing his Steve Standridge Insurance Inc. under the department’s supervision.
The two complaints against Standridge concern his failure to return $430,000 in unearned premium to the Bank of Star City, which had provided premium financing on a policy that was then cancelled, and what appears to be kiting of $4 million that was lent to Standridge and his wife for the purchase of Gibraltar National Insurance Co. of Little Rock last year.
Alice Jones of the Arkansas Insurance Commission said late Wednesday afternoon that there has been no impact on customers at this point.