Maine nets $500K in AIG settlement
American International Group Inc. must pay Maine $500,000 in fines as part of its $100 million settlement to insurance regulators in all 50 states after a probe revealed that the insurance corporation violated workers' compensation rules.
The examination, led by eight states, not including Maine, found that AIG misreported $2.12 billion of workers' compensation premiums, reporting it instead as general or commercial automobile liability premiums, according to a press release from Maine Insurance Superintendent Mila Kofman.
As part of the settlement, AIG will also pay an additional $46.5 million in taxes and assessments, submit to periodic internal and state monitoring, and enter a compliance plan for its workers' compensation insurance rating and reporting, among other terms. Maine will receive its portion in the spring.
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