American International Group, after a delay of more than six months, has delivered its annual statutory filing to the state of New York, officials said today.
The annual statutory filing contained different financial data than is required by the Securities and Exchange Commission.
In May, AIG restated its financial results for the past five years, cutting earnings by 10 percent and reducing 3 percent of the company's book value. The company admitted then that certain transactions had been improperly booked. On Nov. 15, another adjustment improved the company balance sheet, increasing retained earnings by $490 million.
The company was granted a delay in its statutory filing after the SEC gave the company an extension on the filing of its Form 10-K, according to Joseph Fritsch, the New York insurance department's director of insurance accounting policy.
Mr. Fritsch said AIG had "filed the statutory yellow blanks this week. Three weeks ago they filed the audited financial statements with us."
Statutory state filings by insurers involve statutory accounting rather than the GAAP accounting that is done for the SEC. The statement includes assets, income investment holdings, loss experience and lines of insurance, but does not include non-insurance operations.
Mr. Fritsch said the granting of extensions for statutory filings is not common and a company can be fined $250 a day if they have not received an extension.
He said the AIG accounting situation was "very unique," noting that it had attracted a variety of investigations. In addition to his department, the company has been under scrutiny by the New York Attorney General's Office, SEC, Department of Justice and U.S. Attorney's Office in Manhattan.
He said penalties against the company are part of settlement agreement talks that are underway involving the department and the state attorney general "regarding the restatement issues," but not related to the any late filing.
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