Reinsurance is a transfer of periodic payment obligations to MetLife Insurance Company of Connecticut from a licensed insurance company (or reinsurance company). Reinsurance agreements, which are offered through MetLife Insurance Company of Connecticut, may generally be utilized in all 50 states to the extent permitted under applicable state law.
MetLife Insurance Company of Connecticut offers three versions of the Reinsurance agreement: 2-Party, 3-Party and 3-Party/Attorney's fee. The 3-Party Agreement includes novation language releasing the Reinsured from liability to make periodic payments.
Funding both Workers’ Compensation settlements and ongoing obligations (including transfers from self-insured employers that provide a certificate of self-insurance)
Policy buyouts
Environmental claims
Property damage (liability) claims
Disability claim settlements and funding disability benefits
Punitive damages (where defendant's PC coverage responds)
Wrongful termination** (i.e. where the defendant is insured or at least is being defended by an insurer under a reservation of rights)
Discrimination, Harassment, Mental anguish
Other non-physical injuries
Stand-Alone Attorney Fee Structures, which can be life-contingent
Transfer of mortality and investment risk to the MetLife Insurance Company of Connecticut
Reduced administrative burdens associated with issuing periodic payments
Additional flexibility offered via available commutation endorsements
For more information on MetLife Reinsurance, please click here to log onto MetLink.
If you are an existing MetLife Reinsurance annuitant, please call 1-800-373-0185 should you have questions regarding your contract.
** The American Jobs Creation Act (AJCA) significantly restricts the ability for employees and former employees to enter into settlements after October 2004 deferring for tax purposes the receipt of damages for "back" and "front" pay. Under Section 409A of the Internal Revenue Code as added by AJCA, penalties and interest may apply to receipt of amounts of deferred compensation. This section of the Code may also restrict the ability to structure attorney fees without current taxation and penalties. Accordingly, interested parties should consult an independent tax advisor prior to attempting to structure certain types of settlements or attorney fees.
MetLife Insurance Company of Connecticut, 1300 Hall Boulevard, Bloomfield, CT 06002.
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