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Metlife Unit In SEC Probe Over Insurance Sales

Law360 (March 1, 2006, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has launched a formal probe into insurance giant Metropolitan Life Insurance Co., investigating whether one of its subsidiaries sold life insurance policies that were unsuitable for its customers.

Metlife made the investigation public through its10-K filing with the SEC, which indicated that the regulator began looking into several products sold by Metlife’s broker dealer subsidiary New England Securities Corp. in February.

The SEC’s probe is not unique and many other insurance carriers are likely being investigated as well, according to...
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