AIG Settles DC, States' Complaint for $146.5M

By: Associated Press
By: Associated Press

Tallahassee, FL (AP) - June 4, 2012 --

American International Group Inc. and its affiliates have agreed to pay $146.5 million to all 50 states and the District of Columbia to settle a complaint that it misreported billions of dollars in workers compensation premiums in past years.

Florida Insurance Commissioner Kevin McCarty, whose state was among those pressing the complaint, announced the settlement Monday.

AIG was accused of misreporting $21.1 billion in workers compensation premium as other lines of insurance in past years.

The company agreed to pay a $100 million national penalty and $46.5 million in additional premium taxes and assessments.

McCarty said Florida's share of the settlement will total $14.3 million. He said the misreported premiums had wrongly reduced AIG's taxes and assessments.

Telephones messages left for AIG by The Associated Press weren't immediately returned.


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  • by al on Jun 5, 2012 at 04:20 PM
    the "fine" is probably less than 10% of what they profited from the scheme, a sizable chunk of which no doubt went to party members (either one) for reelection efforts. money well spent. welcome to the cpsa, corporate police states of amerika
  • by al on Jun 5, 2012 at 04:20 PM
    the "fine" is probably less than 10% of what they profited from the scheme, a sizable chunk of which no doubt went to party members (either one) for reelection efforts. money well spent. welcome to the cpsa, corporate police states of amerika
  • by does the citizens get any of this money Location: usa on Jun 5, 2012 at 08:00 AM
    and the government wins and the citizens get nothing but a hard lesson.
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