Delaware Insurance Commissioner Trinidad Navarro yesterday announced his approval of MetLife, Inc.’s plan to hand off its U.S. retail life and annuity insurance businesses. The newly formed Brighthouse Financial Inc. will take them on as subsidiaries.
The company will no longer offer individual plans in the U.S. and will instead focus on group policies and operations. A total of 2.8 million policyholders will transition out of MetLife.
The final regulatory approval followed an independent review of findings and recommendations provided by John Noble, a former vice chancellor of the Delaware Court of Chancery.
“When I review any transaction, protection of policyholders is first in my mind.” Navarro said. “Whenever large financial institutions are involved, I feel it is important that the interests of each policyholder be protected by my Department, and especially by me.”
Navarro’s approval requires the companies to develop an active monitoring plan to track the performance of the Brighthouse Life Insurance Company.