Posted on 05 Jun 2012 by Neilson
American International Group Inc. (AIG) 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.