[Archive:  Prudential Insurance Co. of America - The Great White Fleet Visits Gibraltar]

It turns out that Prudential Financial arrangement for Wells Fargo to sell “MyTerm” insurance policies, which led to a whistleblower lawsuit and state probes into suspected sales abuses, generated about $4 million in sales.  That’s a tiny fraction of the $28.5 billion in premiums that the insurer earned in 2015, and of its more than $50 billion in revenue.

While lost sales from the suspended relationship may be easy to replace, the Newark, NJ-based company has other headaches tied to MyTerm. Prudential must assure customers, regulators and shareholders that the company is addressing concerns that Wells Fargo clients were signed up for policies without their authorization. The company on Monday halted sales through the bank and said it would reimburse customers who were charged for coverage they didn’t want.

As Financialish.com reported on Wednesday, 3 former Prudential employees filed a whistleblower lawsuit charging the insurer with covering up an internal inquiry into shady practices because it didn’t want to upset relations with the Wells Fargo bank. Regulators from California and New Jersey announced investigations Monday.

The insurer will respond to information requests from government watchdogs, but is limited about what it can say about probes and litigation, Pelletier said. The company is conducting its own review.

The MyTerm program offers coverage with relatively low death benefits for customers who might not otherwise buy policies. The insurance was available at kiosks in Wells Fargo branches or online using the bank’s accounts, according to the complaint.