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Metlife Reaches $500 Million Life Insurance Settlement with States

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Metlife has reached an agreement with nearly 34 states in which the life insurance company will pay nearly $500 million after allegations that though the company used the Social Security Administration’s “Death Master” file, it failed to pay beneficiaries what was owed.

The settlement comes after a joint investigative hearing that found that though Metlife did in fact have information regarding the deaths of policyholders, they failed to pay beneficiaries. California Controller John Chiang said, “These settlements make it clear that if the industry isn’t willing to make the payments legally required, we will take action, including lawsuits, to compel them to do right by their customers,” Businessweek reported.

In a statement, Metlife said, “The company has been working with regulators to develop industry best practices and is pleased to announce new processes that will provide an even stronger safety net for the limited number of beneficiaries who do not submit a claim to the company in the normal course of business.”

Metlife is currently working to locate policyholders through a monthly matching process and has created a website for policyholders and beneficiaries to find their policies.

Metlife expects to pay $188 million this year, and will pay the remaining balance over the next 17 years. disclaimer: This article: Metlife Reaches $500 Million Life Insurance Settlement with States was posted on Tuesday, April 24th, 2012 at 7:46 pm at and is filed under Fraud Lawsuits.

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