AIG Pays Iowa $860,000 in Multi-State Settlement

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. 

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