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Finra to seek a 'significant fine' from MetLife over variable annuity sales

MetLife Inc., the largest U.S. life insurer, said the Financial Industry Regulatory Authority's staff has indicated the agency will seek a “significant fine” from the company's broker-dealer unit as part of a probe into possible violations tied to variable annuities.

The company is cooperating in this investigation, MetLife said Thursday in its quarterly regulatory filing.

The probe focuses on potential violations “regarding alleged misrepresentations, suitability, and supervision in connection with sales and replacements of variable annuities and certain riders on such annuities,” MetLife said in the filing.

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