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Wells Fargo may face sanctions from California over insurance coverage

California’s insurance coverage regulator needs to droop or revoke Wells Fargo & Co.’s license to promote insurance coverage within the state after accusing the financial institution of establishing greater than 1,400 renters insurance coverage and life insurance coverage insurance policies for purchasers who by no means requested for them.

This week’s transfer comes after the division launched an investigation final 12 months into the San Francisco financial institution’s insurance coverage brokerage enterprise following the sham accounts scandal in response to allegations from former employees at New Jersey insurer Prudential that Wells Fargo had signed prospects up for all times insurance coverage insurance policies with out their information or consent.

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