MARYLAND INSURANCE ADMINISTRATION
JUNE 24, 2004
Replacements A variety of replacements were identified and reviewed. In most cases the agent properly reported replacement when it was so indicated by the applicant. However, there are applications
not showing replacement when it was intended.
The application dated 6/14/99. Notice regarding replacement dated 6/29/99. Letter to Company dated 8/25/99.
996502863 5/10/99 The agent signatures are not the same.
The examiners determined that delayed completion of replacement forms by the agent prevents the Company from detecting a replacement. This delay does not comply with 31.09.05.02(B), which dictate when and how the current Company is notified of a replacement.
The above transactions are violations of COMAR 31.09.05.02B, which defines existing life insurance or annuities to be lapsed, forfeited, surrendered or other wise terminated within 6 months to be replacements, and there was no signed statement by the applicants that proposed insurance would replace existing insurance or annuities in accordance with COMAR 31.09.05.06B.
MET LIFE REPORT NO. 786-01