MetLife Probed by Regulators as Asset Accounts Called Deceptive
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Regulators in three U.S. states have started or widened examinations of how life insurers pay beneficiaries after a federal judge described MetLife Inc.’s marketing of asset accounts as “inherently deceptive,” even as he dismissed the underlying suit against the company.
The Sept. 10 statement by U.S. District Judge Larry Hicks in Reno, Nevada, may prompt regulators in that state, California and Georgia to use their broad legal powers to impose changes on insurers’ marketing, disclosures and practices.