N.C. Insurance Commissioner Jim Long says that MetLife has agreed to a settlement addressing past racially discriminatory practices in the sale of life insurance.
These practices, Long says, involved limiting the amount of coverage and charging minority and poor policyholders significantly higher premiums than comparable policies held by other segments of the population.
MetLife, based in New York, came under scrutiny by the N.Y. Insurance Department during an examination into its past race-based underwriting practices. The department reached a settlement agreement with the company in which all affected policyholders in other states â€” including North Carolina benefit from the agreement.
North Carolina has a total of 53,523 policyholders affected with a total of $3.8 million in settlement benefits.
The total settlement with MetLife has benefits estimated as high as $160 million.
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