Monday, October 22, 2012
Another Insurance Settlement Announced: $300 Million from AIG
The now long running audits of the life insurance industry continue to bear fruit for state governments. According to CBS News, (which cites statements from the California State Controller's Office) AIG will pay approximately $300 million to state governments to settle claims that the company failed to pay death benefits in a timely manner. According to the article, the $300 million will be divided among 30 states and the District of Columbia.