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From the P&C Files: Is this big?

Thursday, December 7, 2017 8:09
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

Because it seems big:

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.”

The result of this investigation  may be the revocation of WF’s license to sell insurance in The Golden State.

[ed: Which, to be fair, may be to their benefit, based on the fires currently raging out of control]

I reached out to my P&C guru Bill M, who pointed out that:

A) Yes, this certainly appears to be fraud, and

B) In the grand scheme of things, 1500 incidents over 10 years seems more likely the actions of a “rogue” agency than systemic. Doesn’t make it right, but probably easier to contain and remediate.

Will be interesting to see which licenses are pulled, and for how long.

[Hat Tip: FoIB PC360]

Original content copyright © InsureBlog


Source: http://insureblog.blogspot.com/2017/12/from-p-files-is-this-big.html

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