MDL-1091 - IN RE: Metropolitan Life Insurance Company Sales Practices Litigation

  • In its June 7, 1994 Consent Order #94-102, the NJDBI cited N.J.S.A. 17B:30-3 and N.J.A.C. 11:2-23.4 and subsequently fined MetLife $965,555 for MetLife’s practice of misrepresenting life insurance to be retirement or savings plans, particularly in advertisements sent to nurses and other professionals.
  • This action was taken based on the findings of a task force established by the National Association of Insurance Commissioners.  (p27)

1998 1231 - New Jersey Regulators, re: MetLife - Report of The Metropolitan Life Insurance Companies Located In New York, New York As Of December 31, 1998, By Examiners of The State of New Jersey Department of Banking And Insurance Division of Enforcement And Consumer Protection Market Conduct Examination Unit - 44p

  • Nancy Cannavo thought she had bought a retirement plan from a salesman she could trust.
    • Several months later, in 1993, Cannavo discovered what she'd bought was a life insurance policy that she didn't need.
      • "I thought I was duped and [it was] falsely misrepresented," said Cannavo, a psychiatric nurse from Winchester who complained to Connecticut regulators.
    • She accepts some blame for not reading the policy when it arrived.
    • Cannavo received about $1,000, part of the $10 million in refunds that MetLife made last year to people around the nation who complained about the same retirement sales pitch.

1994 1023 - Hartford Courant Newspaper - Life Insurers Move to Improve Image Amid Skepticism - [link]

  • 1994 1023 - Hartford Courant Newspaper - Life Insurers Move to Improve Image Amid Skepticism - [link]
  • 1998 1231 - New Jersey Regulators, re: MetLife - Report of The Metropolitan Life Insurance Companies Located In New York, New York As Of December 31, 1998, By Examiners of The State of New Jersey Department of Banking And Insurance Division of Enforcement And Consumer Protection Market Conduct Examination Unit - 44p

  • 1999 1001 - The Honolulu Advertiser from Honolulu, Hawaii · 4 - Newspapers.com  — UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF PENNSYLVANIA IN RE: METROPOLITAN LIFE INSURANCE COMPANY SALES PRACTICES