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MetLife Inc.

New York, NY: New York Attorney General Eliot Spitzer filed charges against the nation's largest group life insurer after allegedly making payments to brokers to steer clients its way. A multiyear investigation revealed MetLife was engaged in bid rigging and price fixing. Spitzer argued contingent commissions paid to brokers and agents to steer business to insurance companies are the equivalent of kickbacks that unfairly increase the prices paid by insurance clients. MetLife will pay $19 million and change some of its business practices to end the investigation. (Jan-02-07) [INSURANCE JOURNAL: METLIFE BROKERS]

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Published on Jan-2-07


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