California insurance regulators fine Zenefits up to $7 million
Human resources startup Zenefits will pay up to $7 million in penalties under terms of a settlement with California regulators who had accused the San Francisco company of selling insurance policies without the proper licenses.
“Zenefits is an example of an internet-based startup whose former leaders created a culture where important consumer protection laws were broken—a bad strategy that placed the company at risk and that other startups should not follow,” California Insurance Commissioner Dave Jones said in a prepared statement.
Zenefits has settled similar improper-licensing claims with regulators in at least seven other states this year: Arizona, Delaware, Minnesota, New Jersey, South Carolina, Tennessee and Washington.
Read the full story at The Recorder: California Insurance Regulators Fine Zenefits Up to $7M | The Recorder