The Michigan Office of Financial and Insurance Regulation (OFIR) has suspended the licenses of Erickson & Associates (E & A), an Iron Mountain insurance agency, and insurance agent Edward Erickson, for misappropriating policyholder premiums.

OFIR said its investigation found that Erickson and his agency failed to remit premium payments for various lines of insurance to the proper insurance companies between December 2010 and March 2011.

OFIR’s investigation also found that Bruce Erickson, whose license was revoked by OFIR in 2010, continued to conduct business on behalf of E & A.

According to OFIR, consumers who purchased policies from Erickson & Associates insurance agency need to ensure they have proper coverage.

Erickson’s failure to comply with OFIR’s order could result in civil and criminal penalties.