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MARYLAND INSURANCE ADMINISTRATION

JUNE 24, 2004

Year 1998 Total Local Complaints…………….. . 36 Total Reported to Home Office……….24 Not on Home Office Register…………11 Not Identified……………………….…01 Misrepresentation……………13 Misunderstanding……………04 Accelerated Payment Plan…..15 Miscellaneous……………….. 04 The Company publishes and distributes to its management staff a brochure entitled “Managing Director’s Guide for Compliance”. The purpose of this brochure is to focus on good management principles and to ensure ethical business practices are maintained within the Company. It provides for a series of documented procedures to prevent an ad hoc approach to management. The examiners found that many complaints regarding misrepresentation and replacement occurred on policies that were written ten to thirty years ago. The circumstances surrounding product offerings, recommendations, changes in the economy, and fluctuating interest rates could in fact mean what was recommended yesterday is no longer appropriate, thus generating a complaint for today. The examiners did find that references were made in management reports that certain agents responsible for breaches in the Company Directors Guide, and abrogations of Maryland Law were to have received remedial training for which no documentation could be found. The examiners direct the Company to document and maintain agent training records.

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MET LIFE REPORT NO. 786-01

PAGE 36

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