North Carolina has joined a $40 million, multi-state settlement with the a group of Metropolitan Life insurance companies, state Insurance Commissioner Wayne Goodwin announced Tuesday.
The settlement involved allegations of life insurance improprieties. An examination found concerns over whether MetLife's procedures allowed for insurance benefits to be paid out to beneficiaries in a timely manner.
North Carolina expects to receive $958,982 from the settlement. The money will go into the state's General Fund for distribution to the Public School Fund.
Under the terms of the settlement, MetLife must regularly check death records to determine if its life insurance policyholders, annuity owners or retained asset account holders have died.
MetLife must then make efforts to locate beneficiaries and pay claims.
If a beneficiary cannot be located within one year from the date of the match, MetLife will report the funds as unclaimed property to the appropriate state entity.
The agreement could yield more than $400 million in unpaid benefits, Goodwin said in a statement.
To find out if you or someone you know may be the beneficiary of an unclaimed MetLife insurance policy, go to MetLife’s life insurance policy finder here.