Ky. doi discovered bogus’ self-Bonds are sold as a substitute for auto insurance

According to the Kentucky Office of Insurance in Frankfort, Washington State fictitious company in the distribution Kentuckians’ self-borrowing, “The assertion that the viable substitute for compulsory motor insurance. The practice was discovered after an employee of a lending institution contacted Louisville KOI.

The comprehensive treatment of the company, owned by Joseph-Michel Gardinier, offers a wide variety of products on its website to those who pay a membership fee. For an annual payment of $ 300, buyers are marked with an “agreement of financial responsibility,” says the buyer is acting as a substitute for auto insurance. Under the conditions of the loan, the group promises door automatic rights of a member. Loans can not be sold, as “self-Bond” or “Community Financial Bond.”

The regulatory authorities in other countries have strained the group is not allowed, free of rights and distribution of insurance fraud. In June, the Florida Public Prosecutor-General Office and Gardinier treatment overall $ 550000 fines and restitution to consumers. Other states, including Nevada, Oregon, Montana and Washington have taken steps against the group.

“We take a look very bleak for operations like this,” Glenn Jennings, said the executive director of KOI. “We urge consumers to contact us to check the status of each organization of advertising for insurance in conjunction with headquarters in that state. Our employees are also questions about products, as what seems uncertain.”

Kentucky residents have purchased these products are urged to call KOI’s toll-free number (800) 595-6053 and ask for an interview with Christopher Barton in the Office of Legal Services.

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