Business Services Industry
States to divvy workers compensation refunds.(News)
Business Insurance, February, 2006 by Ceniceros, Roberto
Byline: ROBERTO CENICEROS NEW YORK-American International Group Inc.'s $1.64 billion fraud settlement with state and federal authorities includes $343.6 million to compensate states for injury caused by the insurer's alleged underpayment of workers compensation premium taxes and residual market assessments.
Potential recipients said late last week that they were assessing the agreement to determine whether they would participate. The workers comp portion of the massive settlement follows an announcement last April by New York Attorney General Eliot Spitzer and the New York Insurance Department that they would appoint a consultant to audit AIG's alleged booking of workers comp premiums as general liability premiums. According the report by consultant INS...
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