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MetLife to pay $60M in state licensing probe

NEW YORK (AP) — Insurance giant MetLife has agreed to pay $60 million to resolve claims that two subsidiaries solicited business without state licenses and lied to regulators about the extent of operations in New York.

Under agreements announced Monday, MetLife Inc. will pay $50 million to the state Department of Financial Services and $10 million to the Manhattan district attorney’s office. In return, they won’t lodge criminal charges or a lawsuit over the allegations.

MetLife said it’s looking forward to continuing to hold meetings and discussions with multinational clients in its headquarters state.

The allegations concern subsidiaries American Life Insurance Co. and Delaware American Life Insurance Co.

MetLife bought them from American International Group Inc. in 2010.

AIG isn’t part of Monday’s agreements. AIG said it doesn’t believe any laws were broken.