Richard Jensen Insurance Producer License Revocation

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Before the Director of the Department of Insurance and Financial Services In the matter of: Richard Jensen Enforcement Case No. 25-18259 System ID No. 0028794 Respondent. ____________________/ Issued and entered on March ___, 2026, by Joseph A. Garcia Senior Deputy Director ORDER ACCEPTING STIPULATION Based upon the Stipulation to Entry of Order and the files and records of the Department of Insurance and Financial Services (DIFS) in this matter, the Senior Deputy Director finds and concludes that:

1. The Senior Deputy Director has jurisdiction and authority to adopt and issue this Order Accepting
   Stipulation in this proceeding pursuant to the Michigan Administrative Procedures Act of 1969 (APA), as amended, MCL 24.201 et seq., and the Michigan Insurance Code of 1956 (Code), MCL 500.100 et seq.

2. All required notices have been issued in this case, and the notices and service thereof were
   appropriate and lawful in all respects.

3. Acceptance of the Stipulation to Entry of Order is reasonable and in the public interest.

4. All applicable provisions of the APA have been either satisfied or waived by all Parties.

5. On or about May 14, 2025, DIFS served a Notice of Opportunity to Show Compliance (NOSC) on
   Respondent. In the NOSC, DIFS asserts that Respondent misappropriated insurance premiums in violation of MCL 500.1207(1). The NOSC alleged that Respondent failed to report to the Director his felony prosecution within the allotted timeframe, as required by MCL 500.1247(2). The NOSC further alleged that, in turn, Respondent committed acts that justify the imposition of sanctions on Respondent’s license pursuant to Section 1239(1)(e)(iii), 1239(1)(g), 1239(2)(e), and 1244(1), MCL 500.1239(1)(e)(iii), MCL 500.1239(1)(g), MCL 1239(2)(e), and MCL 500.1244(1).

6. Respondent admits to violating Sections 1207(1), and 1247(2) of the Code, MCL 500.1207(1) and
   MCL 500.1247(2) and committing acts that provide justification for sanctions pursuant to Sections 1239(1)(e)(iii), 1239(1)(g), and 1239(2)(e) of the Code, MCL 500.1239(1)(e)(iii), MCL 500.1239(1)(g), and MCL 500.1239(2)(e).

Order Accepting Stipulation and Requiring Compliance Enforcement Case No. 25-18259 Page 2 of 2

1. The Director is authorized to take disciplinary action against Respondent’s insurance license in
   addition to the imposition of monetary penalties for the above-described statutory violations pursuant to Sections 1239, and 1244 of the Code, MCL 500.1239, and MCL 500.1244. Now, therefore, based upon the Stipulation to Entry of Order and the facts surrounding this case, IT IS ORDERED THAT:

2. All agreements contained in the Stipulation to Entry of Order are accepted and adopted in their
   entirety.

3. Respondent’s resident insurance producer license is hereby REVOKED effective immediately.

4. The Senior Deputy Director retains jurisdiction over the matters contained herein and in accordance
   with the Code, has the authority to issue such further order(s) as shall be deemed just, necessary, and appropriate. Failure to abide by the terms and provisions of the Stipulation to Entry of Order and this Order Accepting Stipulation may result in the commencement of additional proceedings. ___________________________________ Joseph A. Garcia Senior Deputy Director

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Before the Director of the Department of Insurance and Financial Services In the matter of: Richard Jensen Enforcement Case No. 25-18259 System ID No. 0028794 Respondent. _______________________/ STIPULATION TO ENTRY OF ORDER Richard Jensen (Respondent) agrees and stipulates to the following:

1. At all relevant times herein, Richard Jensen (System ID No. 0028794) (Respondent) was a licensed
   resident insurance producer with active qualifications in Life, Accident and Health, Property, Casualty, and Variable Annuities.

2. On or about May 14, 2025, DIFS served a Notice of Opportunity to Show Compliance (NOSC) on
   Respondent. In the NOSC, DIFS asserts that Respondent misappropriated insurance premiums in violation of MCL 500.1207(1). The NOSC alleged that Respondent failed to report to the Director his felony prosecution within the allotted timeframe, as required by MCL 500.1247(2). The NOSC further alleged that, in turn, Respondent committed acts that justify the imposition of sanctions on Respondent’s license pursuant to Section 1239(1)(e)(iii), 1239(1)(g), 1239(2)(e), and 1244(1), MCL 500.1239(1)(e)(iii), MCL 500.1239(1)(g), MCL 1239(2)(e), and MCL 500.1244(1).

3. Respondent admits to violating Sections 1207(1), and 1247(2) of the Code, MCL 500.1207(1) and
   MCL 500.1247(2) and committing acts that provide justification for sanctions pursuant to Sections 1239(1)(e)(iii), 1239(1)(g), and 1239(2)(e) of the Code, MCL 500.1239(1)(e)(iii), MCL 500.1239(1)(g), and MCL 500.1239(2)(e).

4. Respondent hereby stipulates to the revocation of his resident insurance producer license.

5. Both parties consent to entry of the proposed Order Accepting Stipulation (Order) entered in this
   enforcement matter upon approval of the Senior Deputy Director.

6. Respondent has reviewed and voluntarily consented to the entry of the Order Accepting Stipulation.
   He has also had the opportunity for this Stipulation to Entry of Order and the Order Accepting Stipulation to be reviewed by legal counsel.

7. Respondent understands that this Stipulation and the accompanying Order will be presented to the
   Senior Deputy Director for approval and that the Senior Deputy Director may or may not approve and adopt it. Respondent further agrees that the Senior Deputy Director has jurisdiction and authority to approve and adopt this Stipulation and the accompanying Order.

Stipulation to Entry of Order Enforcement Case No. 25-18259 Page of

1. • Respondent waives any objection to the Director deciding this case following a Michigan Office of Administrative Hearings and Rules hearing in the event that the Stipulation and/or the accompanying Order are not approved.

2. Respondent understands that, by agreeing to this Stipulation , he is waiving the right , pursuant to the
   Code, the rules promulgated thereto , and the APA , to a hearing before an administrative law judge , at which DIFS would be required to prove the charges set forth by presentation of evidence and legal authority and at which Respondent would be entitled to appear , to cross-examine all witnesses presented by DIFS , and to present such testimony or other evidence or legal authority deemed appropriate as a defense to said charges . 10. The parties agree that the Stipulation represents the full and complete agreement of the parties in this matter and , in the event that this s ti pulat i on is accepted by the Senior Deputy Director and Respondent fully complies with its terms and the terms of the Order , it shall completely resolve the enforcement case captioned above. -i - !KiJ.6

Date System ID No. DIFS Staff approve this Stipulation and recommend that the Senior Deputy Director accept it and issue an Order Accepting Stipulation.

Date William R. Peattie (P48004) DIFS Staff Attorney

3-26-2026