Tag: Wells Fargo Insurance

Prudential insurance policy sales to cease through Wells Fargo

Nordstrom
Wells Fargo insurance scandal

Following the recent account sales scandal at the latter firm a few months ago, product sales are being suspended. Prudential Financial announced this week that the Prudential insurance policy sales by Wells Fargo & Co are suspended. This insurance news follows closely on the heels of the San Francisco bank’s sales practices scandal this fall. Wells Fargo is continuing its management of the fraud scandal backlash from a few months ago. The Los Angeles City Attorney’s office worked with federal regulators in announcing that Wells Fargo was caught using fraudulent…

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Augusta, Georgia, contemplates self-insurance

S.Vagus
Health Insurance News

Self-insurance may be an option to mitigate health insurance costs Employer-sponsored health insurance costs are growing for workers in Augusta, Georgia, which is causing some concern within the Augusta Commission. In an effort to rein in on these costs, the Augusta Commission is planning to take up the practice of self-insurance. Self-insurance is a method of risk management through which funds are set aside to account for financial risks associated with a varied assortment of events. The Augusta Commission believes that self-insurance may be an effective means of mitigating the…

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Investigation over home insurance includes Bank of America and Citigroup, among others

Julie Campbell

The state financial regulator in New York is currently conducting an inquiry regarding the possible overcharging of customers for force-place insurance, into large organizations such as Citigroup Inc. and Bank of America Corp. The focus of the probe is the service known as force-place insurance, which requires the a loan provider to purchase an insurance policy in the circumstance that a homeowner is unable to maintain insurance premiums on the property. According to industry experts, this practice is becoming increasingly common. The probe is being conducted by the office of…

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Wells Fargo launches new insurance program targeting low-income families

H. Cutner

Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks. The program will make use of a federal subsidy, which will be applied to low-income families to…

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Hogan’s malpractice suit gets thrown out

Nordstrom

Wells Fargo Insurance Services Inc. in Florida has been sued for business malpractice by celebrity Hulk Hogan. Mr. Hogan (real name Terry Bollea) sued Wells Fargo for failing to protect his assets properly, by providing him with an umbrella policy. Mr. Hogan was sued over an auto accident his son had in 2007, which left a passenger in his car with permanent brain damage. Even though both vehicles involved in the accident were his own; his vehicles’ insurance maximum payment was 250 thousand, per vehicle. With inadequate coverage, he was…

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