Share This Article:
Maryland Insurance Administration Collects $2 Million Fine From AIG
18 Jun, 2012 WorkersCompensation.com
Baltimore, MD (WorkersCompensation.com) - The Maryland Insurance Administration recently collected $2,022,805 in penalties from American International Group (AIG) as part of a multi-state settlement. The agreement was reached following allegations that AIG under-reported its workers compensation premiums for decades. In Maryland, premiums determine how much an insurance company must pay in taxes and other assessments.
“The examination of AIG found that it had underestimated its workers compensation premiums by more than $2 billion,” said Maryland Insurance Commissioner Therese M. Goldsmith. “Through this settlement, the company has corrected its financial reports and commits to new processes moving forward.”
All 50 states and the District of Columbia were parties to the $146.5 million national settlement with AIG, which took effect May 29.
Read Also
- Jul 03, 2024
- WorkersCompensation.com
- Jul 02, 2024
- WorkCompCollege
- Jul 02, 2024
- Horizon Casualty Services
About The Author
About The Author
- WorkersCompensation.com
More by This Author
- Jun 24, 2024
- WorkersCompensation.com
- May 11, 2023
- WorkersCompensation.com
- May 10, 2023
- WorkersCompensation.com
Read More
- Jul 03, 2024
- WorkersCompensation.com
- Jul 02, 2024
- WorkCompCollege
- Jul 02, 2024
- Horizon Casualty Services
- Jun 24, 2024
- WorkersCompensation.com
- Jun 23, 2024
- WorkersCompensation.com
- Jun 21, 2024
- WorkCompCollege