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Affected consumers will qualify for benefits even if the policies are no longer in force, regulators say.
To receive benefits, consumers must file claims by April 23, 2003.
More information is available on the Web, at http://www.lifesettle.com