AIG settles over bid-rigging allegations
American International Group (AIG) has reached a US$13.5 million ($14.7 million) settlement with the Pennsylvania Insurance Department over bid-rigging claims.
The New-York based insurer was being investigated by the state for “financial misreporting” involving its financial reinsurance deal with General Re Corporation.
AIG says it has already paid US$4.4 million ($4.8 million) of the settlement, which resolves client-steering allegations and calls for the company to provide annual reinsurance reports.
Under the settlement agreement, AIG neither admitted nor denied the allegations made by the department.
The New-York based insurer was being investigated by the state for “financial misreporting” involving its financial reinsurance deal with General Re Corporation.
AIG says it has already paid US$4.4 million ($4.8 million) of the settlement, which resolves client-steering allegations and calls for the company to provide annual reinsurance reports.
Under the settlement agreement, AIG neither admitted nor denied the allegations made by the department.