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MetLife to Pay $10 Million to Settle SEC Charge of 'Longstanding Internal Control Failures'
U.S. Securities and Exchange Commission [SEC] 
Dec. 19, 2019 "According to the SEC's order, MetLife improperly released reserves for annuity benefits associated with MetLife's Retirement and Income Solutions Business, which resulted in an increase in income. For over 25 years, MetLife's practice was to presume annuitants had died or otherwise would never be found if they did not respond to only two mailing attempts made approximately five and half years apart. MetLife later determined that its processes for locating and contacting unresponsive annuitants were insufficient to justify the release of reserves. To correct this error, MetLife increased reserves by $510 million as of year-end 2017." MORE >> |
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