The Illinois Department of Insurance has revoked the insurance business entity license of Chicago-based DenRay Insurance Services as a result of an investigation it said revealed that the principal Dennis Raimo misappropriated and improperly withheld premium monies, misrepresented the terms of a proposed policy of insurance, had Premium Fund Trust Account record-keeping violations and failed to facilitate and aid the Director in an examination.
The department also revoked Raimo’s producer license. Raimo had been licensed since March 16, 1999. DenRay had been licensed since Feb. 16, 2001. The licenses were to sell life, accident, health, fire and casualty insurance.
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