California Department of Insurance will Investigate Zenefits over Licensing Practices
The California Department of Insurance announced on Thursday that it will start an investigation on the licensing practices of the cloud based HR software company Zenefits.
Just three days back, the company's CEO Parker Conrad resigned suddenly and it's COO, David Sacks too over the helm. The departure of Conrad was announced on Monday to the employees through an email by the company's new CEO Sacks. The cloud based startup is estimated to be worth $4.5 billion.
Dave Jones, California Insurance Commissioner called the resignation of Conrad an "important development ... but it does not resolve our ongoing investigation of Zenefits' business practices and their compliance with California law and regulations."
The state of California is looking into matters if Zenefits assisted several of its agents to unlawfully obtain their insurance licenses. Reportedly, the issue concerns "Macro", a software tool that permitted some of Zenefits California sales representatives to stay logged into an obligatory online pre-licensing course to avoid going through an another compulsory course that stretches for fifty two hour.
Zenefits informed the California Department of Insurance of the activity via an email and mentioned it , "terminated leaders who created, propagated and encouraged the use of the Macro."
New Zealand News
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