July 31, 2019
OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler today ordered David A. Regan and Regan Bail Bonds Inc., of Vancouver, Wash., to cease and desist from conducting business illegally in Washington state.
Kreidler’s investigation found that Regan Bail Bonds is acting as a surety insurer without a certificate of authority from the insurance commissioner. The investigation started after Kreidler's office received a complaint.
A bail bond is a contract between the defendant, the surety and the court to insure the defendant’s appearance at court proceedings. An insurer acts as a surety when it guarantees a bail bond contract.
Since January 2018, Regan Bail Bonds posted at least 325 bail bonds in courts throughout the state where it was named the surety, collecting $294,570 in premiums. The bonds represent $3.7 million in liabilities.
State law requires insurers to prove they are financially solvent and file their premium rates with the insurance commissioner, among other requirements.
Regan Bail Bonds allowed six insurance producers to sell the bonds, one of whom is not licensed to sell insurance. Regan and four of his employees declined to meet with Kreidler’s investigators to discuss the illegal business practices.
Kreidler’s office oversees Washington’s insurance industry to ensure that companies, agents and brokers follow state laws. Since 2001, Kreidler has assessed more than $28 million in fines, which are deposited in the state's general fund to pay for state services.
The Office of the Insurance Commissioner publishes disciplinary orders against companies, agents and brokers.
For an insurance question or complaint, contact Kreidler’s consumer advocates online or by phone at 800-562-6900.