Missouri to get more than $700K from MetLife settlement

JEFFERSON CITY, Mo. (AP) - Missouri will receive more than $700,000 from a settlement between states and 1 of the nation's largest life insurance companies.

Missouri's insurance department says the settlement with MetLife Inc. resolves allegations that it did not make adequate efforts to identify and pay beneficiaries of life insurance policies.

The settlement calls for MetLife to pay $40 million to states for their examination, compliance and monitoring costs. The state insurance department says Missouri's share of that will be about $730,000.

MetLife is the second-largest life insurer in Missouri, with nearly $138 million in premium sales in 2011.

Earlier this month the department announced a similar settlement with Prudential, which is Missouri's seventh-largest life insurer.

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