Examines fraud claims against the insurance company, Metropolitan Life.
In 1993, the Florida insurance department, along with the attorney general’s office, instituted an investigation into the sales practices of the Tampa office of Metropolitan Life. This prompted MetLife to conduct an internal investigation of its own, which led to the firing of several members of the staff. This paper looks at the past actions of Metropolitan Life Insurance Company and the possible future of the company.
The Florida Insurance Commission stated that Metropolitan Life’s corrective action was appropriate, however continued with its own investigation and ordered Met to stop payment of executive compensation and sales bonuses until reserves were set up to cover fines and claims (Crosson). The Florida Department of Insurance filed charges against Rick Urso and 86 other agents in connection with the sale of life insurance policies disguised as retirement plans (unknown, PR 1996). The charges were dropped against Urso in 1996 on the condition that he stop working in the insurance field and allow his license to expire.