Prudential, MetLife Face Probe By Ga. Regulator

Law360, New York (August 12, 2010, 11:42 AM EDT) -- Prudential Financial Inc. and MetLife Inc. are facing a new probe in Georgia over the increasingly criticized practice of earning interest by holding accounts on behalf of their life insurance beneficiaries.

A spokesman for the office of the state's insurance commissioner confirmed on Thursday the opening of an investigation.

U.S. life insurance companies are facing increased outcry, including a congressional probe and a class action by the families of military members, over the practice of depositing proceeds into an account rather than paying them out in...
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