Making Amends At Metropolitan Life
Metropolitan Life Insurance is paying a stiff price to settle allegations of deceptive sales practices. In a Mar. 7 agreement with at least 28 state insurance commissioners, MetLife agreed to pay up to $20 million in penalties--among the largest such fines ever. The states had charged the insurer with misrepresenting whole life insurance policies as retirement savings plans. MetLife could also wind up paying a maximum of $76 million in restitution to customers. Separately, Florida regulators charged 87 MetLife agents with fraudulent sales practices.