Working together, state regulators can reform unlawful or unfair business practices. A coalition of state insurance regulators charged that the insurance company Met Life failed promptly to pay death benefits when its insureds died. As explained here, Met Life has now settled with the states -- including California, Florida, Pennsylvania, and Illinois -- in an agreement involving cash for the states and victims and reformation of the company's practices. The states' investigation centered around the company's failure to find beneficiaries. The settlement comes on the heels of similar settlements with Prudential and John Hancock. The total value of these settlements exceeds $1 billion.
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Tuesday, April 24, 2012
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