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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.

996701775

7/06/99

$250,000

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.

$763,325

987109742pr

11/21/98

$360,000

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

PAGE 21

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