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MetLife's unclaimed property settlement could approach $700 million

MetLife may be on the hook for as much as $700 million in unpaid life and annuity policies; other insurers are expected to follow.

By Elizabeth D. Festa | Updated on April 24, 2012

The MetLife Insurance Companies’ multi-agency agreement on unpaid life and annuity policies and the reporting of unclaimed property is a landmark agreement in both the terms of business reform and in the amount of money to be returned to consumers, according to NAIC President and Florida Insurance Commissioner Kevin McCarty.

McCarty, who spoke on a conference call yesterday afternoon along with other key members of the investigation team, said the settlement was a “huge milestone” in the settlement of multi-state exams because it was really changing industry practices by making MetLife adopt business reforms whereby they check monthly and as of April 2103, quarterly, against the Social Security Death Master File.

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