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NC joins $40 million settlement with MetLife

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.

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