Updates
April 11, 2014
On March 31, 2014, Benjamin M. Lawsky, Superintendent of the New York Department of Financial Services ("NYDFS") announced an Agreement under which MetLife will pay $60 million for insurance licensing violations by two of its subsidiaries, American Life Insurance Company ("ALICO") and Delaware American Life Insurance Company ("DelAm").

 

Investigations by the NYDFS and the Manhattan District Attorney's Office discovered that ALICO and DelAm unlawfully transacted the business of insurance in New York without a license and allegedly made intentional misrepresentations to the NYDFS about their unlicensed activities. The Agreement requires that the insurers and their agents operating out of New York become licensed.

To read the full Alert, click here.