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AIG Pays $150M To Settle WC Premium Under-Reporting Charges

American International Group will pay close to $150 million to settle allegations it under-reported workers' compensation premiums over a 20-year period, ending all regulatory issues in this case.

By Mark E. Ruquet | Updated on December 22, 2010

NU Online News Service, Dec. 23, 10:23 a.m. EST

American International Group will pay close to $150 million to settle allegations it under-reported workers’ compensation premiums over a 20-year period, ending all regulatory issues in this case.

The settlement, between all 50 states, the District of Columbia and AIG calls for the payment of $100 million in fines to insurance regulators for the alleged premium under-reporting. In addition, the company will pay about $46.5 million in additional taxes and assessments to the eight states that led the examination, said the Pennsylvania Insurance Department.

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