Wells Fargo was served with an accusation by the California Department of Insurance seeking to suspend or revoke its licenses to transact personal insurance for alleged improper insurance sales practices related to the company's online insurance referral program.
The accusation is the result of a department investigation that found that from 2008 to 2016, Wells Fargo customers were issued approximately 1,500 insurance policies and charged premiums without their knowledge or permission.
"Companies that are licensed to transact insurance have an obligation to act with integrity, comply with all state and insurance laws and represent the best interests of consumers," said Insurance Commissioner Dave Jones. "When any producer violates consumer trust in the name of profit, it reflects poorly on the entire profession."
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
