Wells Fargo was served with an accusation by the CaliforniaDepartment of Insurance seeking to suspend or revoke itslicenses to transact personal insurance for alleged improperinsurance sales practices related to the company's online insurancereferral program.

The accusation is the result of a department investigation that found that from2008 to 2016, Wells Fargo customers were issued approximately 1,500insurance policies and charged premiums without their knowledge orpermission.

"Companies that are licensed to transact insurance have anobligation to act with integrity, comply with all state andinsurance laws and represent the best interests of consumers," saidInsurance Commissioner Dave Jones. "When any producer violatesconsumer trust in the name of profit, it reflects poorly on theentire profession."

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].