Bloomberg News

AIG Says NY Probing If Alico Misled Regulator, Lacked License

October 31, 2013

American International Group

The American International Group Inc. (AIG) offices stand in New York. Photographer: Craig Warga/Bloomberg

American International Group Inc. (AIG:US) said regulators in New York are probing whether former subsidiaries lacked proper licenses and provided misleading information.

The insurer is responding to requests from the New York Department of Financial Services and Manhattan District Attorney’s Office for information about Alico and Delaware American, which were sold to MetLife Inc. (MET:US) in 2010, AIG said today in a regulatory filing.

“The inquiries relate to whether Alico, DelAm and their representatives conducted insurance business in New York over an extended period of time without a license, and whether certain representations by Alico concerning its activities in New York were accurate,” according to the filing.

Jon Diat, a spokesman for New York-based AIG, declined to comment as did Matt Anderson of the Department of Financial Services and Joan Vollero of the District Attorney’s Office.

MetLife has previously said it was contacted by regulators about whether the operations did business without a license. John Calagna, a spokesman for New York-based MetLife, declined to comment.

To contact the reporter on this story: Marci Jacobs in New York at Mjacobs63@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)
    • $56.28 USD
    • -0.16
    • -0.28%
  • MET
    (MetLife Inc)
    • $54.86 USD
    • -0.15
    • -0.27%
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