MetLife

  • 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 - 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

  • MetLife was founded in 1868, and today we are the largest U.S. life insurer, with $2.2 trillion of life insurance in force.
    • We are also the largest provider of group insurance, managing programs for 33,000 employers, covering 21 million participants. Included in this total are the 2.6 million participants of the Federal Employees Group life Insurance Program.
    • Approximately 9 million households, or one in every 11 U.S. households, are individual customers of MetLife.

--  Robert Benmosche, Chairman and CEO, MetLife, Inc

2001 0926 - GOV (House) - America's Insurance Industry: Keeping the Promise, (CSPAN) U.S. Securities and Insurance Industries - [PDF-214p,  VIDEO-CSPAN]

  • 1993 0307 - NYT - States Set Fines for Met Life, by Michael Quint - [link]
    • The Florida Report, Thomas Tew - Lawyer, Tom Gallagher - Florida Insurance Commissioner
  • 1994 0202 - NYT - New York State Warns Insurers, by Michael Quint - [link]
    • The New York State Insurance Department warned life insurance companies yesterday that if they failed to control their agents and stop improper advertising, the department could require that some companies submit advertising for approval before use.
    • Although no other company has been accused of improper sales tactics on the same scale as Metropolitan's Tampa office, the industry is worried that the Metropolitan affair could be the catalyst for new Federal regulation
    • In addition to Metropolitan's activities, there have been long-simmering complaints about agents using misleading examples to show financial benefits of life insurance.
  • 1994 0622 - NYT - Rebuke and Revenge at Met Life, (Rick Sabo-Agent) - [link]
  • 1994 0202 - NYT - New York State Warns Insurers, by Michael Quint - [link]
    • The New York State Insurance Department warned life insurance companies yesterday that if they failed to control their agents and stop improper advertising, the department could require that some companies submit advertising for approval before use.
    • Although no other company has been accused of improper sales tactics on the same scale as Metropolitan's Tampa office, the industry is worried that the Metropolitan affair could be the catalyst for new Federal regulation
    • In addition to Metropolitan's activities, there have been long-simmering complaints about agents using misleading examples to show financial benefits of life insurance.
  • 1995 0719 - NYT - Taking On Insurance Giants, by Michael Quint - [link]
    • Ronald R. Parry, a soft-spoken lawyer from Kentucky - Class Actions
      • Prudential, MetLife, ....Mr. Parry has filed suits against six other insurers, including New York Life, Equitable Life Assurance Society and Massachusetts Mutual Life Insurance.
      • The lawsuits accuse the companies of using misleading sales tactics to sell life insurance as a retirement or savings plan (the same charge that led Met Life to settle the class-action lawsuit and pay a related $20 million fine to state regulators last year). The suits also say there were other misdeeds relating to life insurance sales.
  • 1998 - 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
  • 2000 0825 - NYT - $55 Million MetLife Settlement - [link] \
    • The GenAmerica Financial Corporation, a unit of MetLife Inc., the leading insurer in the United States, said today that it would pay out $55 million in benefits to life insurance customers who said they were misled when they bought its life insurance policies.
    • The settlement is the latest in a series of payouts by United States life insurers that have been accused of misleading customers or of selling them inappropriate products in the 1980's and 1990's.
  • 2015 0605 - NYSID - New York State Department of Financial Services Report on Financial Examination of The Metropolitan Life Insurance Company as of December 31, 2013 - 54p
    • (p7) - General American Life Insurance Company (“GALIC’), a wholly-owned subsidiary of the Company, is domiciled in the State of Missouri
    • Subsidiaries,
      • American Life Insurance Company (“ALICO”)
  • Judge Richard Paez: "Then, How Does This Whole System Work?"
    • 15-56371 Susan Salyers v. Metropolitan Life Ins. Co. (United States Court of Appeals for the Ninth Circuit) - [VIDEO-YouTube]