Posted by (American Life InsuranceGuide News)MetLife(MetLife) At the end of January 2019, a consent order was signed with the New York Monetary Authority to pay a fine of $1.According to public documents from the New York Monetary Authority,MetLife(MetLife) During an inspection by the New York Monetary Authority, it was found that there was a violation of the New York Insurance Law.During the inspection, the New York Monetary Authority found thatMetLife(MetLife) Failure to pay claims to thousands of companies and beneficiaries in New York in a correct and timely manner.
In the consent order,MetLife(MetLife) Accused of violations from 1992 to 2017 including "improper annuity reserve reserves", "failure to correctly find annuity holders who should pay pension benefits", and "failure to guarantee the accuracy of the variable annuity replacement disclosure statement And comply with laws and regulations" and many other regulations.
Pay retroactive benefits to group annuity pension consumers
As part of the consent order,MetLife(MetLife) Will also pay retrospective benefits to policyholders in New York State and elsewhere, totaling more than $1.89 million.The insurance company has paid $1.23 million of this to group annuity consumers under certain conditions (Lost or Delayed Policy), and will continue to pay the remaining amount.
"Today's action is a victory for policyholders, becauseMetLife(MetLife) Error, the policyholder’s benefit was not paid because the Monetary Authority has taken necessary measures to protect consumers,” said Vullo, director of the New York Monetary Authority. “According to the restitution and other corrective measures stipulated in this consent order, make sureMetLife(MetLife) Pay consumers the benefits they are entitled to, and pay appropriate fines and establish procedures to prevent this from happening again.The HKMA agreesMetLife(MetLife) Proactively report and cooperate on this claims issue, resolve these issues, and promise to provide full compensation to all eligible beneficiaries. "
MetLife Consumer Claims Plan
MetLife(MetLife) The following compensation is expected to be provided to consumers:
- $6300 million, in accordance with the requirements of the New York Monetary Authority, for life insurance and annuity contract owners who have passed away and whose beneficiaries do not know they are entitled to benefits.
- MetLifeAfter completing the group annuity remediation process, it will pay consumers $185 million per month.
- When switching from an existing contract to a new variable annuity contract,MetLifeFor consumers who fail to provide accurate cost and cost comparison, MetLife will compensate this group with a compensation of 150 million US dollars.
The American Life Insurance Guide reminds you that if you purchased through a group between 1992 and 2017MetLife(MetLife) For the corresponding annuity pension products, you can contact the customer service of the insurance company or the agent broker to find out whether it is within the scope of compensation and how to receive compensation.
(American Life InsuranceGuide net editor report)
appendix:
01.DFS SUPERINTENDENT VULLO ANNOUNCES THAT METLIFE WILL PAY A $19.75 MILLION FINE AND PROVIDE $189 MILLION IN RESTITUTION TO POLICYHOLDERS FOR FAILURES RELATED TO PENSION BENEFIT TRANSS, Press Release, 01/28/2019, https://www.dfs.ny.gov/about/press/pr1901282.htm
