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The California Insurance Commissioner said in a statement that the fine was levied for circumventing education requirements for insurance agents. The fine is one of the largest penalties for licensing violations ever assessed in the department's history.
"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," Jones said in the statement. A spokeswoman for Zenefits did not immediately respond to a request for comment. Zenefits co-founder and former Chief Executive Parker Conrad resigned in February amid revelations that employees were not meeting training and licensing requirements. Multiple states launched investigations into the company's practices.
http://www.reuters.com/article/us-zenefits-penalty-idUSKBN13O05N
