A Baltimore insurance agent had his license revoked and was ordered to pay a carrier $6,865 in restitution after he was accused by the insurer of submitting applications for coverage with invalid bank information as a means of boosting his commissions.

Steve Walters, who received an insurance license in May 2005, was ordered to pay the restitution to Primerica Life Insurance Co. after it made the allegations against him in a complaint to the Maryland Insurance Administration in August 2008, according to MIA records.

The Primerica Life complaint said it terminated Walters for submitting insurance applications with inaccurate bank draft information, and for failing to properly submit premiums and submitting applications with questionable signatures. Walters had submitted 56 of his 85 applications to Primerica with invalid bank account information, which often signals an intent to boost sales to obtain more commissions, according to MIA records.

In a July 9, 2008, letter to Primerica, Walters admitted to allowing spouses and family members sign the applications and accepting cash from some applicants, saying he would use the cash and obtain money orders, and send the company the money by special delivery, MIA records show.

Walters also admitted to taking these “short cuts” because he was having financial problems and needed money quickly, records show.

Primerica then found seven more applications submitted by Walters that included no money. In responding to Primerica inquiries, Walters said he was having trouble either finding the applicants or getting their policies delivered to them. Primerica said it paid him for issuing the policies even though he did not remit any money, records show.