General American Life Insurance Co., the subsidiary, was previously under investigation for improper trades in what the company called a "limited number of its privately placed variable insurance contracts." But now, the SEC has sent a Wells notice, the company admitted, meaning charges may be imminent.
The possible charges deal with allowing certain clients to market time annuities. In a release, MetLife said, "MetLife continues to cooperate fully with the SEC in its investigation and is unaware of any systemic problems with respect to such matters that may have a material adverse effect upon MetLifes consolidated financial position."
Other insurers that have received Wells Notices from the SEC include ING and Conseco, while New York Attorney General Eliot Spitzer has subpoenaed a number of insurance companies, including Conseco, Willis Group Holdings, Aon and Marsh & McLennan.