AIG Pays Iowa a Share of Multi-State Settlement
Multi-State Regulator Action Nets Iowa $860,000
JUNE 14, 2012, DES MOINES, IOWA - American Insurance Group (AIG) has agreed to a settlement
with state regulators regarding an alleged under-reporting of workers compensation insurance premiums
by AIG, resulting in the underpayment of premium taxes due to the states. As a result of the settlement
agreement, the company is now making payments to all states who are participating. Iowa’s share of the
total is more than $860,000.
“This is a great example of the effectiveness of state regulators working together to resolve a problem
involving a large, multi-state carrier,” said Iowa’s Insurance Commissioner Susan Voss. “State regulators,
working as an associated group, were able to craft a company settlement and properly allocated the
settlement amount based on each state’s tax impact. We’re proud to be associated with the National
Association of Insurance Commissioners and the state regulators that make up its membership.”
About the Iowa Insurance Division
The Consumer Advocate for Insurance represents consumer interests within the Iowa Insurance Division.
The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and
securities business transacted in the state, and enforces Iowa’s insurance and securities laws and
regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers
engaging in unfair trade practices. Consumers with insurance or securities-related questions or complaints
may contact the IID toll free at 877-955-1212 or visit the Division on the web at www.iid.state.ia.us.