business
AIG settlement gives Minnesota $2.1M
- Updated: June 15, 2012 - 7:54 PM
The insurer has agreed to pay nine states a total of $46.5 million for misreporting workers' comp revenue.
- 2
- comments
resize text 
- buy reprints
Minnesota's general fund, which collected about $150 million more in taxes than projected this year, landed another $2.1 million this week from an unlikely source.
Huge insurer American International Group paid in as part of a $46.5 million, multi-state settlement, as well as a $100 million national penalty, for reporting $2.1 billion in workers' compensation premiums as other types of insurance in order to lower taxes and assessment payments.
In December 2010, Minnesota joined eight other states in what became known as the "AIG Multistate Market Conduct Examination." The settlement became fully effective June 11, when the check from AIG arrived.
"As a lead state in this on-going examination, we will continue to monitor AIG's performance over the next 24 months to ensure corrective measures are implemented," Commerce Commissioner Mike Rothman said in a prepared statement. "Our investigators will audit internal reviews, randomly sample accounts, meet with senior management on an on-going basis, and closely monitor the progress of the AIG compliance plan."
Rothman said the multi-state probe also found noncompliance with state financial reporting laws.
NEAL ST. ANTHONY
- 2
- comments
- resize text
- buy reprints
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
inside the StarTribune
-
425 Portland Av. S.
Minneapolis, MN 55488
(612) 673-4000
- Company
- Subscriber Services
- Website
- Buy Ads
- Store
- Connect with Us
© 2013 StarTribune. All rights reserved.
StarTribune.com is powered by Limelight Networks
Newspaper Subscriptions
eEdition
RSS
Newsletters