Two states approved the Baldwin annuity plan.

Metropolitan Life said Indiana and Arkansas courts approved its “enhancement” plan for 165,000 holders of annuities issued by bankrupt Baldwin-United Corp. Final closing on the plan is scheduled for early next month, when the company will take over about $3.4 billion in annuities and offer new policies providing improved interest rates retroactively credited from May 1, 1984, through Nov. 1, 1987.