Political Quotes

“I do so today, however, Mr. Speaker, because I believe this body ought to be made aware, and the Congressional Record ought to record, how one of our country's major insurance companies ignored rules and regulations governing the insurance industry and continued to shaft their consumers. On Thursday, April 28, the Subcommittee of Commerce, Consumer Protection, and Competitiveness held a hearing to investigate reports of widespread problems in sales practices of the Metropolitan Life Insurance Co., also known as MetLife, in marketing whole life insurance policies in Florida and nationwide. In 1990, the Tampa sales office of MetLife began a nationwide mailing campaign that promoted whole life insurance policies as 'retirement savings plans.' The Tampa letters failed to identify the product being sold as an insurance policy and the sales persons sending the letters did not identify themselves as insurance agents or insurance representatives. It is estimated that, during the period 1990 to 1993, MetLife agents knowingly misled over 60,000 consumers, many of them nurses, into buying life insurance policies disguised as retirement savings plans.”