Insurer to Pay Mississippi Nearly $1 Million

By: The Associated Press
By: The Associated Press

Mississippi's insurance commissioner says the state will receive nearly $1 million as part of a national settlement over an insurer's financial reporting for worker's compensation insurance.

Insurance Commissioner Mike Chaney says the money that will be received is a combination of fines, penalties and taxes from AIG.

The company was accused of not accurately reporting liabilities under policyholder guarantees.

Chaney says AIG has corrected previous financial reports and has reallocated more than $2 billion of premiums to worker's compensation.

AIG was accused of misreporting $21.1 billion in workers compensation premium as other lines of insurance in past years.

The company agreed to pay a $100 million national penalty and $46.5 million in additional premium taxes and assessments.

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