DES MOINES, Iowa, June 14 -- The Iowa Department of Commerce's Insurance Division issued the following news release:
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." Preview
Attachment AIG Settlement.pdf (http://www.iid.state.ia.us/sites/default/files/press_release/2012/06/14/aig_settlement_pdf_17507.pdf)
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