A unit of
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
