Your People LLC, a San Francisco-based company that provides payroll and other services online for businesses, has been fined $1.2 million by New York state regulators for improperly selling insurance products.
The Department of Financial Services said that under a consent order signed Tuesday, Your People and its related corporate entity, Zenefits FTW Insurance Services, acknowledged "significant compliance failures" with New York law that restrict the sale of insurance to licenced and regulated entities.
Unlicensed brokers
DFS Superintendent Maria Vullo said that beginning in September 2014, Zenefits allowed unlicensed brokers to sell group property, casualty, health and life insurance policies for employees of the small- and midsized companies in New York to which it provided other business services.
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