The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) reported that San Francisco-based employee benefits products and services provider, Zenefits, has agreed to pay a penalty of $62,000 for violations of Missouri law.
The department said YourPeople Inc., DBA Zenefits FTW Insurance Services, agreed to pay the penalty under a Voluntary Forfeiture Agreement after admitting that individual Zenefits employees had engaged in unlicensed insurance activity.
The company was investigated by the department’s Consumer Affairs Division. Zenefits self-reported the poor business practices, which occurred under previous leadership. New management at Zenefits has demonstrated a desire to comply with the law and instituted new agent training requirements and licensure controls.
“Missouri law requires that individuals who sell, solicit or negotiate insurance in the state of Missouri be licensed,” said John M. Huff, Director of the Missouri DIFP. “This department will continue to do everything in its authority to protect Missouri consumers.”
Zenefits has been penalized for similar activity by other states, including Texas and California.
Source: Missouri Department of Insurance, Financial Institutions & Professional Registration
Related:
- Texas Insurance Officials Fine Zenefits $550K for Noncompliance
- California Fines Online Benefits Firm Zenefits $7M Over Unlicensed Employees
Topics Missouri
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