OIR Issues AIG Consent Order

Ten American International Group companies got hit with disciplinary action by the Florida Office of Insurance Regulation. The OIR issued a consent order requiring them to transmit financial data required by statute, to pay administrative fines and costs of more than half a million dollars, and to fully comply with workers’ compensation reporting requirements.

The companies named were AIU Insurance Co., American Home Assurance Co., American International South Insurance Co., Birmingham Fire Insurance Company of Pennsylvania, Commerce and Industry Insurance Co., Granite State Insurance Co., Illinois National Insurance Co., The Insurance Company of the State of Pennsylvania, National Union Fire Insurance of Pittsburgh, Pa., and New Hampshire Insurance Co. Administrative fines of $500,000 and costs of $5,000 were agreed on following execution of the order.