NEW YORK (Reuters) – Insurer American International Group Inc on Thursday sued New York regulators to force them to back off a threatened costly enforcement proceeding over possible violations of state law by a former unit.
AIG's lawsuit against the New York State Department of Financial Services and its superintendent, Benjamin Lawsky, is unusual, with an investigation target trying to stop any action.
The dispute centers on American Life Insurance Co, better known as ALICO, and another former AIG unit known as DelAm. MetLife Inc, another insurer, both bought units from AIG in 2010.
Earlier this week New York regulators said MetLife would pay $60 million because those two subsidiaries solicited insurance business in New York without a license.
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