Compliance November 12, 2009

Ga. Judge Sentences Ex-Insurance Executive for 401(k) Theft

A Georgia state court has sentenced the owner of the Hoyla Insurance Group to a five-year jail term and 15 years of probation, after his guilty plea to 19 counts of theft, including taking $65,000 from the company’s 401(k) plan.

Reported by

Hoyla pleaded guilty to diverting for his own personal use employee contributions owed to the company’s 401(k) plan between 2002 and 2006.

“Theft of employee benefit assets jeopardizes the benefits of workers,” said R.C. Marshall, director of EBSA’s Atlanta Regional Office.

The insurance agency ceased operations on September 6, 2006, after the Georgia Department of Insurance issued a cease and desist order.  The 401(k) plan covered seven participants and had $131,848 in assets as of April 5, 2007, the latest data available.

Products November 12, 2009

Consultant Offers Insurance Carrier Data

Reports from Clark Consulting, Inc., provide clients a summary of the strengths and weaknesses of insurance carriers.

Reported by

The quarterly reports are available now through the company’s consultants and provide in-depth data on carriers and statistics in a number of different categories, the company said.

The reports will visually present data trends, levels, and other financial information about the carrier, as well as summarize the company’s ratings from such firms as Standard & Poor’s and Moody’s.

“We’ve constructed these reports to provide a useful review of the carrier based on consistent data points,” said Anthony Laudato, vice president of Product Development and Innovation. “The carrier reports will provide the kind of information needed by clients to make informed decisions about the majority of insurance companies serving Clark Consulting.”

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More information is available at www.clarkconsulting.com.


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