STATE OF WASHINGTON

OFFICE OF THE INSURANCE COMMISSIONER

In The Matter of
ORDER NO. 15-0004
WILLIAM C. YI,

WAOIC#
NPN
Licensee.

To:

211772
7725287

ORDER REVOKING LICENSE

William C. Yi
4316 Stonebridge Way#!02
Lynnwood, WA 98037
William C. Yi
23303 Hwy 99 Ste E
Edmonds, WA 98026
wyiinsuranceagency@outiook.com
IT IS ORDERED AND YOU ARE HEREBY NOTIFIED that your

Washington State insurance producer's license is REVOKED, effective Januar>' 30,

2015, pursuant to ROW 48.17.530.
BASIS:
1.

William C. Yi ("Licensee") is a Washington resident insurance producer,

WAOIC No. 211772, licensed June 2003. Licensee was formerly appointed by several
Farmers Insurance Group ("Farmers") companies.
2.

Farmers conducted an audit of Licensee which revealed that Licensee

inappropriately listed another person's car on his personal auto policy in order to qualify
for a multi-car discount.

The audit also showed that Licensee falsified a client's

commercial policy. The client wrote a S5,169 check to cover the annual premium for the
ORDER REVOKING LICENSE
ORDER NO. 15-0004
1141334

State of Washington
Office of Insurance Commissioner
5000 Capitol Blvd.
PO Bo.\ 40255
01>'mpia, WA 98504-0255

commercial policy and Licensee deposited the check into his business account. Farmers
discovered that Licensee remitted the premium to Farmers via six money orders and a
personal check. Licensee falsely identified the purchaser on each money order. Farmers
also found that Licensee changed both the billing address on the client's policy to his
business address and the billing cycle to monthly payments from one annual payment.
3.

Farmers terminated Licensee's appointments based on the audit results.

4.

Licensee admitted that he deposited the premium check from the above-

referenced client into his business checking account and used the funds to pay rent and
other expenses. Licensee stated that he changed the client's policy to a monthly billing
schedule and the billing address to his business address so that he could make premium
payments. Licensee also admitted that he insured an inoperative car on his Farmers auto
policy to qualify for a multi-car discount.

APPLICABLE LAW:
1.

By failing to report to the insurer the exact amount of consideration

charged as premium for such contract, and failing to show such amount in the contract
and in the records of the insurance producer. Licensee violated RCW 48.17.480(1).
2.

By failing to promptly account for and pay to the insurer all funds

representing premiums received by an insurance producer, Licensee violated RCW

48.17.480(2).
3.

By receiving funds which belong to or should be paid to another person as

a result of or in connection with ari insurance transaction and failing to promptly account
for and pay the funds to the person entitled to the ftinds, Licensee violated RCW
48.17.480(3).
4.

RCW 48.17.530(l)(b) authorizes the Insurance Commissioner to revoke

an insurance producer's license for violating any insurance laws or rules.

5.

RCW 4S.17.530(l)(d) authorizes the Insurance Commissioner to revoke

an insurance producer's license for improperly withholding, misappropriating, or

converting any moneys or properties received in the course of doing insurance business.

ORDER REVOKING LICENSE

ORDER NO. 15-0004
1141334

State of Washington
Office of insurance Commissioner
5000 Capitol Blvd.
PO Box 40255
01>'mpia, WA 98504-0255

6.

RCW 48.17.530(l)(e) authorizes the Insurance Commissioner to revoke

an insurance producer's license for intentionally misrepresenting the terms of an actual or

proposed insurance contract or application for insurance.
7.

RCW 48.17.530(1 )(g) authorizes the Insurance Commissioner to revoke

an insurance producer's license for having admitted or been found to have committed any
insurance unfair trade practice or fraud.
8.

RCW 48.17.530(1 )(h) authorizes the Insurance Commissioner to revoke

an insurance producer's license for using fraudulent, coercive, or dishonest practices, or

demonstrating incompetence, untrustworthiness, or financial irresponsibility in this state
or elsewhere.
9.

RCW 48.17.530(l)(j) authorizes the Insurance Commissioner to revoke an

insurance producer's license for forging another's name to an application for insurance or
to any document related to an insurance transaction.
10.

By failing to account for an maintain in a separate account from all other

business and personal funds all funds representing premiums or return premiums received
by an insurance producer in the insurance producer's fiduciary capacity, Licensee
violated RCW 48.17.600(1).
11.

By commingling or otherwise combining premiums with other moneys,

Licensee violated RCW 48.17.600(2).

12.

By altering an applicant's insurance application for insurance without the

applicant's written consent, Licensee violated RCW 48.18.070(1).

13.

By engaging in unfair methods of competition or in unfair or deceptive

acts or practices in the conduct of such business as such methods, acts, or practices,
Licensee violated RCW 48.30.010(1).
14.

By knowingly making a false or misleading statement or impersonation, or

willhjlly failing to reveal a material fact, in or relative to an application for insurance to

an insurer, Licensee violated RCW 48.30.210.
15.

By failing to comply with the premium accounting requirements of WAC

284-12-080, Licensee has committed unfair trade practices.

ORDER REVOKING LICENSE

ORDER NO. 15-0004
1141334

State of Washington
Office of Insurance Commissioner
5000 Capitol Blvd.
PO Box 40255
01>'mpia, WA 98504-0255

IT IS FURTHER ORDERED that you return your insurance producer's license

certificate to the Insurance Commissioner on or before the effective date of the
revocation of your license, as required by RCW 48.17.530(4). Return your license to:
Licensing Manager
Office of the Insurance Commissioner
P. O. Box 40257
Olympia, WA 98504-0257
Executed this

day of January, 2015.

MIKE KREIDLER
Insurance Commissioner
By and through his designee

Drew Stillman
Insurance Enforcement Specialist
Legal Affairs Division

ORDER REVOKING LICENSE

ORDER NO. 15-0004
1141334

State of Washington
Office of Insurance Commissioner
5000 Capitol Blvd.
PO Bo.x 40255
O^TOpia, WA 98504-0255

NOTICE OF YOUR RIGHT TO A HEARING

If you are aggrieved by this Order Revoking License, RCW 48.04.010 permits
you to demand a hearing. You must demand a hearing in writing within 90 days after
the date of this Order Revoking License or you will waive your right to a hearing.
If the Insurance Commissioner receives your demand for a hearing before the
effective date listed on the order revoking your license, the revocation will be
automatically stayed (postponed) and your license will remain in effect pending the
hearing.
Your demand for a hearing should be sent to the following address and must
briefly state how you are harmed by this decision and why you disagree with it;
Hearings Unit
Office of the Insurance Commissioner
PO Box 40255
Olympia, WA 98504-0255
You will be notified of the time and place of your hearing. If you have
questions about filing a demand for hearing or the hearing process, please telephone the
Hearings Unit at (360) 725-7002 or send an email to HearingsUfatOlC.wa.eov.

ORDER REVOKING LICENSE

ORDER NO. 15-0004
1141334

State of Washington
Office of Insurance Commissioner
5000 Capitol Blvd.
PO Box 40255
OKmpia, WA 9S504-0255

CERTIFICATE OF MAILING
The undersigned certifies under the penalty of perjury under the laws of the state
of Washington that I am now and at all times herein mentioned, a citizen of the United
States, a resident of the state of Washington, over the age of eighteen years, not a party to
or interested in the above-entitled action, and competent to be a witness herein.
On the date given below I caused to be served the foregoing ORDER
RBVOKJNG LICENSE on the following individual via US Mail and Email.
William C. Yi
4316 Stonebridge Way #102
Lynnwood, WA 98037
William C. Yi
23303 Hwy 99 Ste E
Edmonds, WA 98026
wyiinsuranceagency@outlook.com
Dated this I d ^ day of January, 2015, in Tumwater, Washington.

ORDER REVOKING LICENSE

ORDER NO. 15-0004
1141334

State of Washington
Office of Insurance Commissioner
5000 Capitol Blvd.
PO Box 40255
01>'mpia, WA 98504-0255