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Arkansas Residents To Share In MetLife Settlement

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NU Online News Service, Dec. 27, 4:46 p.m. – More than 13,000 Arkansas residents affected by past race-based life insurance underwriting practices could collect about $800,000 in cash and non-cash benefits through a settlement with Metropolitan Life Insurance Company, a unit of MetLife Inc., New York, according to Arkansas insurance regulators.

MetLife has worked with the National Association of Insurance Commissioners, Kansas City, Mo., to negotiate a $150 million agreement with all 50 states to address complaints that it charged higher premiums for African-American consumers and other non-white consumers who bought life insurance policies before 1973.

Affected consumers will qualify for benefits even if the policies are no longer in force, regulators say.