MetLife To Take $250 Million Charge

However, Texas Commissioner Jose Montemayor, who chairs a working group of the National Association of Insurance Commissioners, Kansas City, Mo., addressing the race based-issue, says that progress is being made on several race-based investigations. Among the investigations whose settlements are imminent, according to Montemayor, are examinations of Unitrin, Inc., Chicago and ING Life Insurance Company of Georgia, Atlanta.

Montemayor says that government officials including a U.S. senator and the Texas governor’s office have indicated that the race-based issue is important and is being watched.

The NAIC working group is coordinating examinations nationwide. As previously reported (see NU, Jan. 7), of the 93 companies examined, 22 companies have had an initial review, 29 have examinations planned or scheduled by one state or a group of states, and 17 have resolved any questions without a financial examination. Thirteen companies have examinations in progress, nine companies’ exams have been completed but not finalized, two companies’ exams have been finalized and one company has a regulatory hearing pending.

The two companies with finalized exams are American General Life Insurance Company, Houston, and Philadelphia United Life Insurance Company, Bala Cynwyd, Pa.