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MARYLAND INSURANCE ADMINISTRATION

JUNE 24, 2004

Methodology

Generally, market conduct examinations cover a broad spectrum of an insurer’s operations. However, because the examiners are focused on specific aspects of the Company’s business activity the approach has been targeted to include:

Local Office

  • The sales and marketing materials of the local office.

  • The new applications files of the local office.

  • Desk audits of selected agents at the local office.

  • The local office complaint registry.

  • Review Company internal audit report.

  • Review of agent licensing files.

  • Dividend withdrawal and loan request.

  • Request for cash surrenders.

  • Replacement forms.

Home Office

  • Review Company replacement register.

  • Review of the Company complaint register.

  • Review lst 100 applications (files) submitted by targeted agents for 3 years.

  • Review the file of each selected complaint.

  • Review the file for each selected misrepresentation.

  • Review the Company system for monitoring complaints.

  • Review responses from agents, and investigators relative to submitted complaints.

  • Compare local complaint registers with home office registers.

  • Review Company procedures for reversing policies and premiums.

  • Review Company procedures for disciplining agent offenders.

  • Review agents licensing files.

_____________________________________________________________________________________________

MET LIFE REPORT NO. 786-01

PAGE 5

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