n "> (Reuters) - American International Group, Inc. (AIG)."(N) in principle agreed to pay $ 450 million to settle a suit with competing insurance companies on alleged underreporting of premiums on policies of compensation of workers have shown the court documents.
The civil suit was filed in mid-2009 by two companies, Safeco Insurance Co of America and Ohio Casualty Insurance Co on behalf of a group of insurance companies and a system of Declaration of 1 billion workers' compensation at AIG has alleged.
However, the proposed regulations was concluded between AIG and seven other insurers were among those affected by the AIG behavior in the 1980s and 1990s, which exclude Safeco Insurance and victim of Ohio, two units of Liberty Mutual Insurance LBRTLI.UL.
Insurers agreed to resolve include Hartford Financial Services Group (HIG).(N) and a unit of travelers Cos (TRV).(N) mutual freedom objected to the colony.
"It is unfortunate that freedom is refusing to participate in this fair and reasonable resolution." Seven other insurers settling were recognized by seeking to intervene in the action, the preference of the freedom to pursue the dispute is not in the interest of the members of the group, "AIG spokesman Mark Herr said in an email to Reuters."
Hartford and travellers do not return messages seeking comment, after normal business hours. Mutual freedom could not be reached for comment.
Continued federal investigation and the States in 2005, it was disclosed that AIG committed a series of reporting practices of premium faux long to evade taxes of insurance status and residual obligations of market.
AIG has reached a settlement with New York $ 1.6 billion and federal authorities in 2006, admitting premium false statement.
(Reporting by Santosh Nadgir in Bangalore and Dhanya Skariachan in New York.) (Editing by Lincoln feast)
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