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Wells Fargo Accused of Improper Insurance Sales

The California Department of Insurance is seeking to suspend or revoke the licenses of Wells Fargo Bank, N.A. and Wells Fargo Insurance, Inc. for alleged improper insurance sales practices related to the company’s online insurance referral program, which resulted in insurance products being purchased and paid for by consumers without their knowledge...
December 11, 2017

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The California Department of Insurance is seeking to suspend or revoke the licenses of Wells Fargo Bank, N.A. and Wells Fargo Insurance, Inc. for alleged improper insurance sales practices related to the company’s online insurance referral program, which resulted in insurance products being purchased and paid for by consumers without their knowledge.

The accusation is the result of aninvestigation opened at the direction of Insurance Commissioner Dave Jones, which found that from 2008 to 2016, Wells Fargo customers were issued approximately 1,500 insurance policies without their knowledge or permission. In some cases, employees told consumers to enter their personal information on a policy application merely to receive a quote, but Wells Fargo employees later submitted the application to the insurer to purchase the policy without the consumer’s permission. Wells Fargo is expected to file a Notice of Defense.

 

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