■ Several months ago, we noted that MetLife was having some "issues" with the Feds about how they're (potentially) "too big to fail."
Well that was then, and this is now, and now is really painful for the erstwhile insurance behemoth:
"MetLife’s securities sales unit today was fined $20 million and ordered to reimburse $5 million to customers for wrongdoing related to sales of replacement variable annuities from 2009 to 2014."
Ouch!
Variable annuities often get a bad rap, but they're also fairly sophisticated instruments (as opposed to fixed products), which means extra-strength due diligence in their sale.
As Met is (painfully) learning.
■ FoIB Jeff M has been indispensable in keeping us apprised of the travails of the Tar Heel State's Blues, and today offers this update:
"North Carolina's insurance commissioner says he expects to issue big fines against Blue Cross and Blue Shield for technology problems that have resulted in insurance coverage and payment problems for thousands of customers."
And by "big fines" they apparently mean "millions of dollars," which certainly qualifies as "big," even by Blue Cross standards.
That's gonna leave a mark.
Well that was then, and this is now, and now is really painful for the erstwhile insurance behemoth:
"MetLife’s securities sales unit today was fined $20 million and ordered to reimburse $5 million to customers for wrongdoing related to sales of replacement variable annuities from 2009 to 2014."
Ouch!
Variable annuities often get a bad rap, but they're also fairly sophisticated instruments (as opposed to fixed products), which means extra-strength due diligence in their sale.
As Met is (painfully) learning.
■ FoIB Jeff M has been indispensable in keeping us apprised of the travails of the Tar Heel State's Blues, and today offers this update:
"North Carolina's insurance commissioner says he expects to issue big fines against Blue Cross and Blue Shield for technology problems that have resulted in insurance coverage and payment problems for thousands of customers."
And by "big fines" they apparently mean "millions of dollars," which certainly qualifies as "big," even by Blue Cross standards.
That's gonna leave a mark.
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