MetLife sued over ‘shadow insurance’
January 13, 2015 by Bob Van Voris
(Bloomberg) — MetLife Inc., the U.S. life insurer deemed by regulators as too big to fail, engages in practices that threaten national economic health, according to a lawsuit filed by a policyholder.
MetLife, the biggest U.S. life insurer by assets, made misleading statements about its financial condition and overstated the amount of reserves it maintains to absorb unexpected losses or financial shocks, according to a complaint filed today in Manhattan federal court by policyholder Andrew Yale.
MetLife “is engaging in conduct that imperils the financial future of Metropolitan Life’s policyholders, their beneficiaries, and the public at large,” Yale said in his complaint.
Originally Posted at LifeHealthPro on January 13, 2015 by Bob Van Voris.
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