Bloomberg News

AIG to Pay at Least $25 Million to Settle California Review

October 22, 2012

American International Group Inc. (AIG:US), the insurer that counts the U.S. as its largest shareholder, agreed to pay $25 million to $30 million to settle a California review into whether the company held funds that should go to beneficiaries.

The deal requires the New York-based insurer to check the Social Security Administration’s Death Master File to determine if policyholders have died, according to a statement today from California Controller John Chiang and Insurance Commissioner Dave Jones.

To contact the reporter on this story: Susanna Pak in New York at Spak10@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • AIG
    (American International Group Inc)
    • $52.15 USD
    • 1.14
    • 2.19%
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