UPDATE 1-MetLife subpoenaed over death benefits
SAN FRANCISCO, April 25 |
SAN FRANCISCO, April 25 (Reuters) - California regulators subpoenaed MetLife Inc (MET.N) and plan a hearing on how the company paid benefits after learning of an insured's death.
Insurance Commissioner Dave Jones and State Controller John Chiang on Monday said they are responding to audit findings indicating that MetLife failed to pay life insurance policy benefits even after learning that an insured had died.
A MetLife representative could not immediately be reached for comment.
"The thrust of this hearing is to determine whether MetLife, one of the largest life insurers and issuers of annuities in the United States, engaged in unfair practices regarding the payment of life insurance claims to beneficiaries," Jones said in a statement.
The joint hearing is scheduled for May 23 in Sacramento, California. (Reporting by Dan Levine; editing by Carol Bishopric)
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