LOS ANGELES (AP) - MetLife Inc. has agreed to pay nearly $500 million in a multi-state settlement over allegations it didn't pay life insurance benefits to some policyholders.
The largest life insurer in the United States said Monday that it expects to pay about $188 million of the approximate $478 million this year, and the remainder over the next 17 years.
The lead states on the MetLife settlement were California, Florida, Illinois, New Hampshire, North Dakota and Pennsylvania.
California's share is expected to be about $40 million. More than 30 states are involved in the settlement and it's not known how much they will receive.
MetLife says it has been working with regulators to ensure all of its policyholders are paid.