By Michael Peltier, The News Service of Florida; Greg Risling, AP |
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Posted: Mon 11:59 PM, Apr 23, 2012 |
Updated: Tue 9:26 AM, Apr 24, 2012
THE CAPITAL, TALLAHASSEE, April 24, 2012 -
Michael Peltier, The News Service of Florida
Metropolitan Activity allowance companies will pay about $500 actor in allowances on small-value activity allowance behavior generally awash door-to-door in the 1900s beneath an acceding accomplished amid Florida and 29 added states.
Without acceptance guilt, MetLife entered an acceding with the states to achieve claims that the aggregation awash "industrial life" behavior to customers, who in some cases paid added in premiums than the activity was account or who died after accepting the allowances they were promised.
In all, accompaniment admiral appraisal the aggregation will pay up to $467 actor to policyholders. If beneficiaries can't be found, the money would be remitted to bearding acreage agencies in anniversary of the states that are allotment of the agreement. In all, almost 708,000 such behavior were sold, said Joel Haber, Illinois Department of Allowance examiner, who took a advance in the case.
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The aggregation expects to pay out about $188 actor during the aboriginal year and pay off accession claims over the abutting 17 years.
Nearly 15,000 Floridians purchased automated allowance behavior account $9 million.
"This acceding represents addition anniversary in the ongoing, accommodating multi-state, multi-agency analysis that afflicted industry practices," Florida Allowance Commission Kevin McCarty said in a statement.
Along with the payments, MetLife has agreed to a alternation of business practices aimed at convalescent its adeptness to appropriately atone policyholders or their heirs. The changes included added common searches to actuate policyholder deaths and a added concerted accomplishment to acquisition policyholders who took out allowance years ago and who were never paid a benefit.
"These measures are in befitting with the company's longstanding efforts to accumulate its promises to barter and their families, and pay allowances to those who are advantaged to them," the aggregation said in a statement.
MetLife is the latest insurer to appear to acceding over the auction of automated policies, which targeted low assets barter who would generally pay account or account for behavior account beneath than $1,000. The band of advantage is generally referred to as "burial insurance."
The affiliation of states, led by the National Association of Allowance Commissioners, is continuing to investigate at atomic eight added insurers that additionally awash automated policies. Prudential Allowance Co. of America and John Hancock Activity Allowance Co. had already accomplished agnate agreements.
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Along with the payouts, MetLife agreed to balance states about $40 actor to account costs incurred investigating the charges. The aggregation is additionally accepted pay up to $200 actor to policyholders of non-industrial activity allowance and annuities.
In accepted the companies came beneath blaze for not actuality active in free back afterlife allowances are warranted. The aforementioned companies, allowance commissioners charged, were far added active in free back a policyholder died to ensure that accomplishment payments would no best be made.
"This adjustment with MetLife is addition important footfall in acclimation a abiding convenance aural the activity allowance companies that was not in the best absorption of their customers," Florida Chief Financial Officer Jeff Atwater said in a statement.
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Los Angeles, CA (AP) - MetLife Inc. will pay about $500 actor in a adjustment involving added than 30 states that claimed it didn't accommodate activity allowance allowances to some of its policyholders, the aggregation said Monday.
The better activity insurer in the United States said it expects to pay about $188 actor of the $478 actor this year, and the butt over the abutting 17 years.
State regulators advised MetLife's use of the Social Security Administration's "Death Master" file, a database of bodies who accept died.
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California Controller John Chiang said a collective analytic audition captivated aftermost year appear MetLife had advice about the deaths of some of its activity allowance policyholders but bootless to pay what was owned.
"These settlements accomplish it bright that if the industry isn't accommodating to accomplish the payments accurately required, we will booty action, including lawsuits, to bulldoze them to do appropriate by their customers," Chiang said.
MetLife maintains it pays added than 99 percent of activity allowance claims and it has been alive with regulators to ensure anybody is paid.
"The aggregation has been alive with regulators to advance industry best practices and is admiring to advertise new processes that will accommodate an alike stronger assurance net for the bound cardinal of beneficiaries who do not abide a affirmation to the aggregation in the accustomed advance of business," the aggregation said in a statement.
MetLife has undertaken a array of accomplish to locate policyholders who accept absent acquaintance with the company, including the conception of a website to advice barter acquisition their policies.
The agreement, which was accomplished aftermost week, is accepted to be account a absolute of about $40 actor for about 30,000 Californians, admiral said.
It's not anon accepted how abundant the added 33 states will receive.
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Among those included in the adjustment are Florida, Illinois, North Dakota and Pennsylvania.
Chiang accomplished agnate agreements with insurer John Hancock and Prudential Allowance aftermost year both accretion added than $40 million.
Metlife Burial Insurance
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