AIG $126M Settlement Finalized With Justice, SEC

Disclosing details of a final settlement with the government over non-traditional insurance product sales last week, American International Group revealed that both an internal committee and outside monitor will examine its transactions to ensure compliance with accounting rules.

AIG said that its agreement to pay $126 million in penalties and fees for allegedly helping two companies distort their financial statements was made final and that it has taken steps to prevent a recurrence.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.