New York – SEC Probing Insurance Sales

New York – MetLife Inc., the largest U.S. life insurer, said the U.S. Securities and Exchange Commission is investigating sales practices at its New England Securities unit.
The SEC has started a formal investigation into the unit’s sales of so-called universal life policies. A formal investigation means SEC commissioners have authorized investigators to issue subpoenas. The SEC is looking at the “suitability” of the sales and the unit is cooperating fully, MetLife said.
The company said it “believes that others in the insurance industry are the subject of similar investigations by the SEC.”