(Bloomberg) — American International Group Inc. sold coverage to clients with ties to Cuba, a nation sanctioned by the U.S., when the insurer was owned by American taxpayers after its 2008 bailout.
The insurer agreed to a $279,038 settlement after telling regulators that it violated sanctions, according to a statement today from the U.S. Treasury Department's Office of Foreign Assets Control.
AIG units sold polices from 2006 through late March of 2009 guarding a Canadian client against risks in Cuba, including pollution liability, according to the statement. The insurer was rescued on Sept. 16, 2008, and repaid the U.S. in 2012.
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