What action must an agent take if they are sanctioned for unethical practices?

When an agent is sanctioned for unethical practices, it is crucial for them to notify the Department of Insurance. This is because the Department of Insurance is the regulatory body that oversees insurance agents and their compliance with laws and ethical standards. Reporting the sanction helps maintain transparency and allows the regulatory authority to take appropriate action, which may include further investigation or enforcement of penalties.

By informing the Department, the agent ensures they are in compliance with state regulations and demonstrates responsibility in handling the situation. It also serves to protect consumers and the integrity of the insurance industry, as it allows the Department to monitor agents and address any potential issues that may arise from unethical behavior.

The other actions listed, while potentially relevant under different circumstances, do not fulfill the requirement to notify the regulatory authority of sanctions received due to unethical conduct.