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AIG Practices

Washington, DC: (Jan-29-08) Nine states brought charges against American International Group Inc. (AIG), over practices related to producer compensation and insurance placement. The suit was filed following an industry wide investigation into producer compensation and insurance placement practices. Though the company denied the allegations and did not admit liability, it agreed to a $12.5 million settlement with nine states and the District of Columbia, to resolve allegations.

Additionally, company spokespersons stated that the company will continue to maintain certain producer compensation disclosure and ongoing compliance, as well as continue to cooperate with the industry wide investigations. Sources close to the case claimed that the agreement with Texas also settles allegations that AIG engaged in anticompetitive conduct relating to its relationship with Allied World Assurance Co. and includes an additional settlement payment of $500,000. The New York-based insurance firm said the total payments will be allocated among Florida, Hawaii, Maryland, Michigan, Oregon, Texas, West Virginia, Massachusetts, Pennsylvania, and the District of Columbia. [CNN NEWS: AIG PRACTICES]

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Published on Jan-30-08


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