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Insurance Investigation

San Francisco, CA: (Mar-17-08) The Pennsylvania Insurance Department brought charges against American International Group Inc., after the department investigated AIG and some of its Pennsylvania-domiciled insurance company units. Insurance Department officials stated that a settlement had been reached in the case, in which American International Group agreed to pay $13.5 million to resolve allegations. It was stated that the company had already paid $4.4 million of the total settlement payment.

Under the terms of the deal, the New York-based insurance and finance firm will provide annual reinsurance reports, and maintain certain producer compensation disclosure and ongoing compliance initiatives. In agreeing to settle, the company said it did not admit to any of the allegations brought by the Pennsylvania Insurance Department, but settled to avoid the costs and risks associated with protracted litigation. [CNN MONEY: AIG REACHES $13.5 MILLION SETTLEMENT WITH PENNSYLVANIA INSURANCE DEPARTMENT]

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Published on Mar-18-08


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