SEC Orders MetLife To Pay $10M For Internal Control Failures On Annuities
December 23, 2019 by Targeted News Service
The Securities and Exchange Commission charged MetLife, Inc. with violating the books and records and internal accounting controls provisions of the federal securities laws relating to two errors in its accounting for reserves associated with its annuities businesses. MetLife has agreed to pay $10 million to settle the charges.
According to the SEC’s order, MetLife improperly released reserves for annuity benefits associated with MetLife’s Retirement and Income Solutions Business, which resulted in an increase in income.