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California regulator seeks to suspend or revoke Wells Fargo’s insurance licenses

California’s insurance commissioner is seeking to suspend or revoke Wells Fargo & Co.’s insurance licenses, after the bank allegedly opened insurance policies without customers’ knowledge.

The about 1,500 unauthorized policies were mostly for renters insurance and mostly in online accounts, California Insurance Commissioner Dave Jones said in a statement.

San Francisco-based Wells (NYSE: WFC) holds various licenses to sell insurance in California, including accident, insurance, property and casualty…

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This article was syndicated from: Sacramento Business News - Local Sacramento News | The Sacramento Business Journal - Click here to read the original article