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An investigation by the department found the company had issued
about 1,500 insurance policies and charged premiums without
customers' knowledge or permission, the agency said in a
statement late on Tuesday.
Wells Fargo was not immediately available for comment.
The third-largest U.S. lender by assets last week announced
plans to exit the personal insurance business, which includes
auto, homeowners, renters and umbrella insurance products, and
said it would immediately begin winding down marketing and
product promotion activity.
Wells Fargo has been working for more than a year to recover
from a sales scandal that has impacted several of its consumer
businesses, including some insurance products.
In 2016, the San Francisco-based bank paid $185 million to
regulators after an investigation found that Wells Fargo had
opened fraudulent deposit and credit card accounts.
Wells has already exited several other insurance businesses,
including crop insurance.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj
Kalluvila)
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