MARYLAND INSURANCE ADMINISTRATION
JUNE 24, 2004
XVII. NON-VOLUNTARY TERMINATIONS
The examiners requested the Company provide an accounting of all non-voluntary employment terminations for the period 1996 through 2000. The Company provided a listing that contained (1) Agent Name, (2) Social Security Number, (3) Termination and (4) Reason for Termination.
Failure to Perform Duties of Agency
Failure to Report to Work
Improper Use Of Sales Materials
Failure to Pass NASD
There were three representatives whose non-voluntary termination notices were sent to the National Association of Securities Dealers (NASD). These were identified as:
Associate General Manager
Field Management Trainee
There was one agent that the examiners noted in the review of complaints, that multiple (20) complaints had been lodged against the agent. Notes in the complaint file indicated his “050” contract had been revoked. This agent was not listed on the non-voluntary employee termination log, neither was he reported to agent enforcement as terminated with cause. Failure to report this agent is a violation of §10-118 (a), of the Insurance Article which states an insurer should file written notice of a termination and the reason for termination immediately.
MET LIFE REPORT NO. 786-01