AIG Close to Settling Workers' Comp Dispute
AIG Close to Settling Workers' Comp
Dispute
US insurance firm American International Group will pay a reported $100 million in fines to settle a dispute with all 50 states over reporting errors concerning premiums on worker's compensation insurance. The settlement was announced on Wednesday by the Pennsylvania Department of Insurance on behalf of all jurisdictions involved.
The company, who has received $182 million in bailout funds from the federal government, will also pay $46.5 million in taxes and assessments, and has agreed to pay additional fines of up to $150 million if it fails to follow a detailed compliance plan.
According to authorities, AIG's primary violation was the misreporting of more than $2 billion in worker's comp premiums as general or commercial auto liability premiums. The inquiry which led to the fines focused on the firm's actions between 1975 and 1996, the same time period that was the focus of a 2006 regulatory settlement between AIG and the state of New York.
US insurance firm American International Group will pay a reported $100 million in fines to settle a dispute with all 50 states over reporting errors concerning premiums on worker's compensation insurance. The settlement was announced on Wednesday by the Pennsylvania Department of Insurance on behalf of all jurisdictions involved.
The company, who has received $182 million in bailout funds from the federal government, will also pay $46.5 million in taxes and assessments, and has agreed to pay additional fines of up to $150 million if it fails to follow a detailed compliance plan.
According to authorities, AIG's primary violation was the misreporting of more than $2 billion in worker's comp premiums as general or commercial auto liability premiums. The inquiry which led to the fines focused on the firm's actions between 1975 and 1996, the same time period that was the focus of a 2006 regulatory settlement between AIG and the state of New York.
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