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SEC: Nationwide Insurance Pays 8 Million To Settle Mail Practices Claims

May 15, 2015

The Securities and Exchange Commission says Columbus-based Nationwide Insurance has agreed to pay 8 million dollars to settle charges of routinely violating pricing rules in daily processing of orders for some products.

The SEC says Nationwide intentionally delayed collecting untracked mail containing variable insurance contracts and processed those orders at the next day's prices in violation of the law. The SEC says Nationwide delayed some mail delivery past a 4 p.m. deadline and posted the orders the next day for over 15 years.