TDCI Revokes Brentwood Agent’s License, Levies $39,599.17 Fine

NASHVILLE – The Tennessee Department of Commerce & Insurance (TDCI) announces a disciplinary action recently taken against former Tennessee licensed insurance producer, Randall Todd Gregory who was found to have committed 105 violations of Tennessee Insurance Law.

The Final Order, effective June 15, 2016, revoking Gregory’s license and imposing a $39,599.17 civil penalty was a result of a hearing before an Administrative Law Judge (ALJ) on April 11, 2016. The violations stemmed from Gregory’s service as the secretary of the treasury for the Tennessee Association of Health Underwriters (TNAHU), a nonprofit committed to informing agents and consumers about best industry practices and insurance regulations. Gregory, who lists a Brentwood address as his residency, served in this position from July 2007 until his forced resignation in January 2015.

As secretary, Gregory had sole access to TNAHU’s account and financial records and used his position for his own financial gain. The Department successfully proved, and the ALJ found, that on numerous occasions between February 2011 and November 2014, Gregory knowingly omitted financial information, submitted false financial reports, wrote unauthorized checks to himself, and used the TNHAU check card for his own personal use and enjoyment.

In January 2015, Gregory’s embezzlement was discovered and he was confronted by the TNAHU board for embezzling $11,000 in funds, which led to Gregory’s admission of embezzling a total of $39,599.17 in funds. The funds have been repaid to the TNHAU by Gregory.  

“Demonstrating untrustworthiness or financial irresponsibility in the conduct of business in this state can be considered clear grounds for an insurance license to be denied or revoked,” said TDCI Assistant Commissioner for Insurance Michael Humphreys. “Mr. Gregory’s actions betrayed the trust of his fellow insurance agents and are certainly not representative of the behavior that Tennesseans look for in an agent.  Policyholders need to be able to trust their agents and feel comfortable that their agents are helping them make the right financial decisions for themselves and their families.  Embezzlement is a wrong decision.”

Tennesseans are encouraged to visit the Department’s website where they can review disciplinary actions and access license verification.

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