(RALEIGH) -- North Carolina has joined a $40 million multi-state settlement with a group of Metropolitan Life insurance companies over allegations of life insurance improprieties.  A probe identified concerns with the adequacy of MetLife’s procedures to ensure that life insurance benefits are paid out to beneficiaries in a timely manner.

“MetLife has agreed to improve its business practices in ways that enhance consumer protection and may benefit North Carolinians,” said State Insurance Commissioner Wayne Goodwin  “As a result of this settlement, many life insurance beneficiaries may receive the benefits they’re owed.”

The settlement requires that MetLife regularly check the Social Security Administration’s Death Master File, or a similar source of death records, to determine if its life insurance policyholders, annuity owners or retained asset account holders have died. Efforts must then be made to pay any benefits that are due.  If a beneficiary cannot be located within one year from the date of the match, MetLife is required to report the funds as unclaimed property to the appropriate state entity. The agreement could yield more than $400 million in unpaid benefits.

North Carolina stands to receive approximately $958,982 of the $40 million settlement being paid to participating states. The amount received will go into the state’s General Fund for distribution into the state’s Public School Fund.