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MetLife to pay $10 million for improperly releasing annuity reserves on basis of flawed 25-year practice

( December 18, 2019, 23:06 GMT | Official Statement) -- MLex Summary: MetLife has agreed to pay $10 million to settle US Securities and Exchange Commission charges that it improperly released reserves for annuity benefits, increasing the insurer's income. In an internal review, MetLife found it was unjustified in releasing these reserves based on its 25-year practice of presuming annuitants had died or couldn't be found if they didn't respond to only two letters sent five and a half years apart, the SEC said.Statement follows in full. ...

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