VOL. 127 | NO. 80 | Tuesday, April 24, 2012
MetLife, States Reach Settlement Near $500M
GREG RISLING | Associated Press
LOS ANGELES (AP) – MetLife Inc. has agreed to pay nearly $500 million in a multi-state settlement over allegations it didn't pay life insurance benefits to some of policyholders.
The largest life insurer in the United States said Monday that it expects to pay about $188 million of the approximate $478 million this year, and the remainder over the next 17 years.
California's share is expected to be about $40 million. More than 30 states are involved in the settlement and it's not known how much they will receive.
California Controller John Chiang says a state investigative hearing held last year revealed MetLife had information about the deaths of some beneficiaries but failed to pay what was owed.
MetLife says it has been working with regulators to ensure all of its policyholders are paid.
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